Section 51
SEC. 51. Section one hundred of the same Act is hereby amended to read as follows: "SEC. 100. Reserve requirements. — In order to control the volume of money created by the credit operations of the banking system, banks operating in the Philippines shall be required to maintain reserves against their deposit liabilities. The required reserves of each bank shall be proportional to the volume of its deposit liabilities and shall ordinarily take the form of a deposit in the Central Bank of the Philippines; nevertheless, the Monetary Board may, whenever circumstances warrant, permit the maintenance of part of the required reserves in the form of assets other than peso deposits with the Central Bank. Reserve requirements shall be applied to all banks of the same category uniformly and without discrimination. "The Monetary Board, may, at its discretion, require banks and/or other financial institutions to maintain reserves against their liabilities for deposit substitutes as defined in this Act and as determined by the Monetary Board for this purpose. Reserves against deposit substitutes, if imposed, shall be determined in the same manner as provided for reserve requirements against regular bank deposits, with respect to the imposition, increase, and computation of reserves. "The Monetary Board may exempt from reserve requirements deposits and, in appropriate cases, deposit substitutes, with remaining maturities of two years or more."