2002 BSP Circulars

CIRCULAR NO. 343
Series of 2002

Pursuant to Monetary Board Resolution No. 1090 dated 1 August 2002, 2002, Section X314 is hereby added to the Manual of Regulations for Banks to read as follows:

CIRCULAR NO. 342
Series of 2002

Pursuant to Monetary Board Resolution No. 999 dated 11 July 2002, excess FCDU/EFCDU funds of universal and commercial banks may be lent to RBU to fund the latter’s on-balance sheet foreign exchange trade transactions, subject to the following conditions –

CIRCULAR NO. 341
Series of 2002

Pursuant to Monetary Board Resolution No. 1055 dated 25 July 2002, the following guidelines shall be observed in implementing Section 56 of the General Banking Law of 2000 or Republic Act No. 8791:

of branches/ loan collection and disbursement points of microfinance-oriented banks

CIRCULAR NO. 340
Series of 2002

Pursuant to Monetary Board Resolution No. 1040 dated 18 July 2002, the rules and regulations for the establishment of branches/loan collection and disbursement points (LCDPs) of microfinance-oriented banks established under Circular No. 273 and the establishment of microfinance-oriented branches/LCDPs of banks that are not microfinance-oriented, are hereby issued as follows:

CIRCULAR NO. 339
Series of 2002

Pursuant to Sections 61 of Republic Act. No. 8791, “The General Banking Law of 2000”, the Monetary Board, in its Resolution No. 923 dated June 27, 2002 approved the following amendments to the Manual of Regulations (MOR) for Banks and Non-Bank Financial Institutions.

CIRCULAR NO. 338
Series of 2002

The Monetary Board, in its Resolution No. 800 dated May 30, 2002, approved the amendment to Section X380 of the new Manual of Regulations for Banks, as follows:

CIRCULAR NO. 337
Series of 2002

To implement the provisions of Section 47 of Republic Act. No. 8791, otherwise known as "The General Banking Law of 2000", the Monetary Board in its Resolution No. 967 dated July 4, 2002, approved the amendment of Subsection X311.5 of the Manual of Regulations for Banks, as follows:

CIRCULAR NO. 336
Series of 2002

Pursuant to Sections 55.4 and 55.1(e) of Republic Act (R.A.) No. 8791, “The General Banking Law of 2000”, the Monetary Board, in its Resolution No. 605 dated April 25, 2002, approved the following amendments to the Manual of Regulations for Banks (MORB).

of the MOR re Loans and other credit accommodations

CIRCULAR NO. 335
Series of 2002

The Monetary Board, in its Resolution No. 874 dated June 13, 2002, approved the following amendments to Sections X312 and X313 of the Manual of Regulations for Banks (MOR) pursuant to Section 38 of Republic Act (R.A.) 8791, The General Banking Law of 2000.

CIRCULAR NO. 334
Series of 2002

Pursuant to Monetary Board Resolution No.618 dated April 25, 2002, Section X202.a of the Manual of Regulations for Banks is hereby amended to read as follows:

offshore banking units, quasi-banks, trust entities, non-stock savings and loan associations, pawnshops and all other institutions

CIRCULAR NO. 333
Series of 2002

Pursuant to Monetary Board Resolution No. 809 dated May 30, 2002, the following rules and regulations for banks, offshore banking units, quasi-banks, trust entities, non-stock savings and loan associations, pawnshops, and all other institutions, including their subsidiaries and affiliates supervised and/or regulated by the Bangko Sentral ng Pilipinas (BSP), otherwise known as “Covered Institutions” are hereby issued:

Sections 12, 13 and 14 of RA No. 8791 (The General Banking Law of 2000)

CIRCULAR NO. 332
Series of 2002

Pursuant to Monetary Board Resolution No. 567 dated 25 April 2002, the following rules and regulations are hereby issued to implement Sections 12, 13 and 14 of Republic Act No. 8791, otherwise known as “The General Banking Law of 2000”.

and Restrictions of the new Manual of Regulations for Banks

CIRCULAR NO. 331
Series of 2002

The Monetary Board, in its Resolution No. 1940 dated December 6, 2001, approved the following amendments to Section X383 Other Limitations and Restrictions of the new Manual of Regulations for Banks, pursuant to Section 24.1, 24.2, 30.1 and 30.2 of R.A. 8791.

CIRCULAR NO. 330
Series of 2002

Pursuant to Monetary Board Resolution No. 521 dated April 11, 2002, Subsec. X393.4 is hereby added to the Manual of Regulations for Banks to read as follows:

CIRCULAR NO. 329
Series of 2002

Pursuant to Monetary Board Resolution No. 466 dated March 25, 2002, the provisions of Section 2.B.1.d of Circular No. 247 dated June 2, 2000 on loans classified as Loans Especially Mentioned are hereby amended to read as follows:

(Accounting Procedures) of the Manual of Regulations for Banks

CIRCULAR NO. 328
Series of 2002

The Monetary Board in its Resolution No. 408 dated March 14, 2002 approved the following amendment to Subsection X343.2, Item c of the Manual of Regulations for Banks (MORB), which reads:

administration/ management of sinking fund for the redemption of redeemable private preferred shares

CIRCULAR NO. 327
Series of 2002

Pursuant to Monetary Board Resolution No. 1448 dated September 13, 2001 and Subsection X126.5 of the New Manual of Regulations for Banks (MORB), the following guidelines shall govern the establishment and administration/management of sinking fund for the redemption of redeemable private preferred shares.

CIRCULAR NO. 326
Series of 2002

Pursuant to Monetary Board Resolution No. 427 dated March 21, 2002, Section 2 of Circular No. 297 dated September 17, 2001 is hereby amended to read as follows:

directors must attend the special seminar on corporate governance under Circular No. 296

CIRCULAR NO. 325
Series of 2002

The Monetary Board, in Resolution No. 263 dated February 21, 2002, approved the extension up to December 31, 2002 of the deadline within which directors must attend the special seminar on corporate governance under Circular No. 296.



FOR THE MONETARY BOARD:

RAFAEL B. BUENAVENTURA
Governor

12 March 2002

Rediscounting Facility available to rural and cooperative bank

CIRCULAR NO. 324
Series of 2002

The Monetary Board, in its Resolution No. 174 dated January 31, 2002, approved the expansion of the coverage of the Rediscounting Facility available to rural and cooperative banks under Bangko Sentral ng Pilipinas (BSP) Circular 282 dated April 19, 2001 to include thrift banks among the eligible borrowers under the BSP microfinance rediscount facility, subject to the implementing guidelines set forth under Circular 282 except for the requirement of a custodian bank under Section 4(f) of the same circular.

This Circular shall take effect immediately.



FOR THE MONETARY BOARD:

RAFAEL B. BUENAVENTURA
Governor

12 March 2002