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House Bill No. 3819 : An Act Establishing a Credit Information System and for Other Purposes

MEMORANDUM

To: All Federation Presidents

From: Gen. William K. Hotchkiss AFP (Ret)

Subject: House Bill No. 3819

Date: September 6, 2005

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2005 RURAL BANKING WEEK (August 22-28, 2005)

The Rural Bankers Association of the Philippines now celebrates the Rural Banking Week (August 22-26, 2005) with the theme, Rural Banks: Prime Movers of Progress through Microfinance.

Microfinance is not a new thing for the RBs. This is an ongoing business activity many years back. The micro entrepreneurs have now evolved and became the lifeblood of economic development in most areas of the country. This metamorphosis is accentuated by the rural banks’ fundamental role as the financial backbone to this emerging and evolving sector. The RBs and the micro enterprise sector were once upon a time left unnoticed. But together, with an unquestionable synergy, we were able to unleash our potentials and counter the prevalent idea that being small is analogous to being weak. Smallness is not the resemblance of weakness. In the case of the rural banks, where most of them are small, their size reflects the profile of the market they serve. Size doesn’t matter. What matters really is our substantial impact to the communities that we serve. Read more

REVENUE MEMORANDUM ORDER NO. 15-2005

TO ALL FEDERATION/CONFEDERATION PRESIDENTS

In response to the numerous queries we have received from members regarding compliance with the Revenue Memorandum Order No. 15-2005 (requiring all rural banks to submit a list of borrowers, co-makers, endorsers and/or guarantors who were extended loans the third day after the close of every month0 which we have received in recent days fromt he BIR, please be informed that we brought the matter up for discussion in our meeting with the bank Supervision Policy Committee (BSPC) last July 27, chaired by Deputy Governor Nestor J. Espenilla, Jr., together with our concerns as to the practicability and difficulties involved in fulfilling the requirements as stated in BSP Circular 472.
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BIR Ruling on Payment of Capital Gains Tax during the Redemption Period

Dear Fellow Rural Bankers;

For your information and reference, attached is a copy of BIR Ruling No. 010-2005 to clarify the issue on the payment of capital gains tax and documentary stamp tax on foreclosures involving properties titled under homestead or free patent.
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SMEC and KfW Applicable Interest Rate (PBSP)

MEMORANDUM:

T o : All Member Banks

F r o m : Gen. William K. Hotchkiss III (Ret.)

D a t e : 25 August 2005

Subject : Letter from PBSP Re SMEC & KfW Interest Rate

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