To amend Circular No. 1354 dated 11 September 1992
CIRCULAR NO. 18 Series of 1994
The Monetary Board, in its Resolution No. 181 dated February 24, 1994, decided that Circular No. 1354 dated September 11, 1992 be amended so as to (1) delete therefrom the requirement for prior Bangko Sentral ng Pilipinas (BSP) approval of an intention to declare dividends; and (2) restore previous regulations on reporting, verification and recording of cash dividends as provided in Books I, II, III and IV of the Manual of Regulations for Banks and Other Financial Intermediaries that were amended/revised by virtue of the policy adopted in the aforesaid circular, provided that if no notice of disapproval is received from the BSP within 30 days, the request of the bank will be deemed approved and the bank can go ahead and pay dividends, subject to the condition that the record date for such dividends cannot be set earlier than 30 days after declaration.
This Circular shall take effect immediately.
GABRIEL C. SINGSON Governor
More in BSP Circulars
- Amendments to the rules governing the peso borrowings of foreign firms in Books I, II and IV of the Manual of Regulations for Banks and Other Financial Intermediaries(BSP Circular No. 64)
- Reduction in Reserve Requirements(BSP Circular No. 1082)
- Amendments to the Real Estate Limits of Banks(BSP Circular No. 1093)
- Limits on Investment in the Equities of Financial Allied Undertakings(BSP Circular No. 530)
- Amendment to the Guidelines on Branching and Voluntary Closure/Sale/Acquisition of Branches/Other Banking Offices(BSP Circular No. 727)
- Amendments to Section 171 and relevant provisions of the Manual of Regulations for Banks on reporting governance(BSP Circular No. 1231)
- Amendments to the Manual of Regulations for Banks and Non-Bank Financial Institutions as of 31 December 2016(BSP Circular No. 961)
- Amendments to the Regulatory Relief Policy(BSP Circular No. 1221)
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