2003 BSP Circulars

for UBs and KBs, the Manual of Accounts for TBs and the Manual of Accounts for RBs re rules, regulations and standards that shall govern microfinancing operations of banks

CIRCULAR NO. 409
Series of 2003

Pursuant to Monetary Board Resolution No. 1393 dated 22 September 2003, prescribing the rules, regulations and standards that shall govern microfinancing operations of banks, the Manual of Regulations for Banks, the Manual of Accounts for Universal Banks and Commercial Banks, the Manual of Accounts for Thrift Banks and the Manual of Accounts for Rural Banks are hereby amended as follows:

which may be outsourced by banks without prior Monetary Board approval

CIRCULAR NO. 408
Series of 2003

Pursuant to Monetary Board Resolution No. 1266 dated September 4, 2003, allowing the inclusion of procurement services among the activities which may be outsourced by banks without prior Monetary Board approval, Section 4.2 of Circular No. 268 dated December 5, 2000 is hereby further amended to read as follows:

CIRCULAR NO. 407
Series of 2003

To : All Banks, Non-Banks with Quasi Banking Functions (NBQBs) and their subsidiaries/ affiliates authorized to engage in derivatives transactions

CIRCULAR NO. 406
Series of 2003

Pursuant to Monetary Board Resolution No. 1313 dated 10 September 2003, Subsec. X141.1 of the Manual of Regulations for Banks and Subsec. 4141Q.1 of the Manual of Regulations for Non-bank Financial Institutions are hereby amended to read as follows:

CIRCULAR NO. 405
Series of 2003

Pursuant to Monetary Board Resolution No. 1243 dated 28 August 2003, the Manual of Regulations for Banks (MORB) is hereby amended as follows:

of domestic credit rating agencies for bank supervisory purposes

on the adoption of and to incorporate market risk in the risk-based capital adequacy framework

CIRCULAR NO. 402
Series of 2003

Revised Guidelines on the Flotation of Bonds
by Local Government Units (LGUs)
[Without National Government Guarantee]

Pursuant to Monetary Board Resolution No. 1151 dated August 14, 2003, the following guidelines shall govern the flotation of bonds by local government units (LGUs) under Republic Act (RA) No. 7160 (Local Government Code of 1991) and Republic Act (RA) No. 7653 (New Central Bank Act) dated 3 July 1993.

among the non-life insurance products which banks may market/cross-sell

CIRCULAR NO. 401
Series of 2003

Pursuant to Monetary Board Resolution No. 1112 dated 07 August 2003, allowing motor car insurance among the non-life insurance products which banks may market/cross-sell, Section 1631.a.(2)(b) of the Manual of Regulations for Banks as introduced by Circular No. 357 dated 08 November 2002, is hereby amended to read as follows:

by quasi banks

01 September 2003

CIRCULAR NO. 399
Series of 2003

Pursuant to Monetary Board Resolution No. 1062 dated 31 July 2003, the provisions of the Manual of Regulations for Banks are hereby amended as follows:

CIRCULAR NO. 398
Series of 2003

Pursuant to Monetary Board Resolution No. 1138 dated 07 August 2003, prescribing the rules and regulations that shall govern the credit card operations of banks and subsidiary credit card companies, the Manual of Regulations for Banks, the Manual of Regulations for Non-Bank Financial Institutions, the Manual of Accounts for Universal Banks and Commercial Banks and the Manual of Accounts for Thrift Banks are hereby amended, as follows:

preferred shares

CIRCULAR NO. 397
Series of 2003

Pursuant to Monetary Board Resolution Nos. 705 and 1028 dated 22 May 2003 and 24 July 2003, respectively, approving the issuance by banks of redeemable preferred shares that do not need to be replaced with at least an equivalent amount of newly paid-in shares upon redemption and the treatment thereof for purposes of capital adequacy ratio computation, the provisions of the Manual of Regulations for Banks are hereby amended as follows:

20 August 2003

and Commercial Banks and to the Manual of Accounts for Thrift Banks

CIRCULAR NO. 395
Series of 2003

Pursuant to Monetary Board Resolution No. 1060 dated 31 July 2003, the provisions of BSP Circular No. 1389 dated 13 April 1993, The Manual of Accounts for Expanded Commercial Banks and Commercial Banks, and the Manual of Accounts for Thrift Banks are hereby amended as follows:

CIRCULAR NO. 394
Series of 2003

Pursuant to Monetary Board Resolution No. 1029 dated 24 July 2003, Circular No. 280 dated 29 March 2001, as amended, on the guidelines on the adoption of the risk-based capital adequacy framework is hereby further amended to include among the on-balance sheet assets which are assigned fifty percent (50%) risk weight the following:

CIRCULAR NO. 393
Series of 2003

Pursuant to Monetary Board Resolution No. 890 dated June 26, 2003, the first paragraph of Section X303 of the Manual of Regulations for Banks and for Non-bank Financial Institutions is hereby amended as follows:

CIRCULAR NO. 392
Series of 2003

Pursuant to Monetary Board Resolution No. 931 dated July 2, 2003, the provisions of the Manual of Regulations for Banks (MORB) are hereby amended as follows:

CIRCULAR NO. 391
Series of 2003

Pursuant to Monetary Board Resolution No. 769 dated June 5, 2003, Subsecs. X141.1, X141.4, X143.3, X143.4, X143.5 and X143.6 of the Manual of Regulations for Banks and Subsecs. 4141Q.1, 4141Q.4, 4143Q.3, 4143Q.4, 4143Q.5 and 4143.Q.6 of the Manual of Regulations for Non-bank Financial Institutions are hereby renumbered and/or amended as follows:

CIRCULAR NO. 390
Series of 2003

The Monetary Board, in its Resolution No. 560 dated April 24, 2003, allowed the outsourcing of certain front/bank office functions, i.e., trade support services and downstream processing activities, by parent to a subsidiary or vice-versa, under Circular 268 dated December 5, 2000, subject however to the following conditions: