1. Which of the following statements is false? (Philippine context)

• The monetary board may exempt from reserve requirements deposits and deposit substitutes with remaining maturities of two (2) years or less, as well as interbank borrowings.
• 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 bangko sentral
• Reserve requirements shall be applied to all banks of the same category uniformly and wihtout discrimination
• The monetary board may establish minimum reserve requirement for unused balances of overdraft lines.