Section 28
Sec. 28. The Reserve Bank shall maintain a reserve for its deposit liabilities and its notes in actual circulation and tor this purpose it shall at all times keep on hand in its vaults, or with the Treasury of the Philippines, or in the form of deposits with Federal Reserve Banks in the United States, in gold coins or bullion at its legal value or in lawful money either of the Philippines or of the United states, a sum sufficient to cover the following requirements: (a) Thirty-five per centum against its deposits. (b) Forty per centum of its notes in actual circulation. A portion of this reserve at least equal to fifteen per centum of the notes in actual circulation shall be kept on deposit in the Treasury of the Philippines for the redemption of such.