Amendments to Regulations of the MOR for Non-Bank Financial Institutions

aako Entral' ng I tas

OFFICE OF THE GOVERNOR

CIRCULAR No. 396 Series of 2003

and July 17, 2003, respectively, the provisions of the S Regulations of the Manual of Regulations for Non-Bank Financial Institutions are hereby amended as follows: Pursuant to Monetary Board Resolution Nos. 630 and 996 dated May 8, 2003

Section 1. Section 4141S and its subsections are hereby amended to read as follows:

Sec. 41 41S. Definition; Qualifications; Responsibilities and Duties of Trustees

For purposes of this Section, the following shall be the definition, qualifications, responsibilities and duties of trustees.

Subsec. 4141S.1 Definition of Trustees

incorporation; (2) those duly elected in subsequent meetings of the NSSLA's members; and (3) those elected to filli vacancies in the board of trustees. Trustees shall include (1) those who are named as such in the articies of

Subsec. 4141S.z Qualifications of Trustees

No person shall be eligibie as trustee of an NSSLA uniess he is a member of good standing of such NSSLA.

In addition, such person shall have the quatifications and none of the disquaiifications as provided in pertinent laws and BSP rules.

A trustee shall have the following minimum qualifications:

a. He shall be at least 25 years of age at the time of his election/appointment:

MAG-IMPOK SA BANGKO MAYNILA,PILIPINAS 1004 . Tel No. 524-70-11 trunkiine : URL: www.bsp.2ov.ph - e-mai1: [email protected]

b He shall be at Ieast a COLLEGE graduate OR have at Ieasi

FIVE (5) years experience in business, OR shall have undergone any BSP training in NSSLA or banking operations; provided. however, that undergraduates eligible to be elected as trustees in the NSSLA's by-laws may be allowed as may be approved by the Monetary Board;

C He must have attended a special seminar on corporate

governance for board of trustees conducted or accredited by the BSP;and

d He must be fit and proper for the position of a trustee of the

NSSLA. In determining whether a person is fit and proper ior the position of a trustee, the following matters must be considered:

integrity/probity: education: competence: diligence; and experience/training.

other existing applicabie iaws and regulations. The foregoing qualifications for trustees shall be in addition to those aiready required or prescribed by R.A. No. 8367, as amended, ane

Subsec. 4141S.3 Powers and Authority of the Board of Trustees

concueted, and all its property shall be controlled and heid by its board of The corporate powers of an NSsLA shall be exercised, its business

Original and cannot be revoked by the members. The trustees hoid their best judgment. offiee charged with the duty to act for the NSSLA in accordanoe with their trustees. The powers of the board of trustees as conferred by law are

Subsec. 4141S.4 General Responsibility of the Board of Trustees

The position of an NSSLA trustee is a position of trust. A trustee assumes certain responsibilities to different constituencies or stakehoiders (e.g. the NSSLA itself, its member-depositors and other creditors, its management and cmployees and the public at large). These constituencies or

stakeholders have the right to expect that the institution is being run in a prudent and sound manner.

responsibility of the management team, the board of trustees is, however, responsible for monitoring and overseeing management action. The board of trustees is primarily responsible for the corporate governance of the NSSLA. To ensure good governance of the NSSLA, the board of trustees should establish strategic objectives, policies and procedures that will guide and direct the activities of the NSSLA and the means to attain the same as well as the mechanism for monitoring management's performance. While the management of the day-to-day affairs of the institution is the

Subsec. 4141S.5 Duties and Responsibilities of the Board of Trustees

guidelines shall govern the responsibilities and duties of the board of trustees of NSSLAs: To ensure prudent and efficient administration of NSSLAs, the following

a. Specific Duties and Responsibilities of the Board of Trustees

(1) To select and appoint officers who are qualified to administer the NSSLA affairs effectively and soundly and to establish adequate selection process for all personnel.

It is the primary responsibility of the board of trustees to appoint board of trustees' choice should share its general operating philosophy and vision for the institution. The board of trustees shall establish an competent management team at all times. The board of trustees shouid apply fit and proper standards on key personnel. Integrity, technical consistent with the interest of all stakeholders. expertise and experience in the institution's business, either current o- piannea, shouid be the key considerations in tne selection process. And because mutual trust and a close working relationship are important. ths appropriate compensation package for all personnel which shall be

(2) To establish objectives and draw up a business strategy for achieving them

established to direct its on-going activities. The board of trustees shouid ensure that performance against plan is regulariy reviewed, with Consistent with the institution's objectives, business plans should be corrective action taken as needed.

(3) To conduct the affairs of the institution with high degree of integrity.

integrity. The board of trustees should prescribe corporate values, codes of conduct and other standards of appropriate behavior for itself, the senior management and other employees. Among other matters, interest that in dealings with its members, it observes a high standard of activities and transactions that could result or potentially result in unethical conduct shall be strictly prohibited. It shall provide policies that will prevent the use of the facilities of the NSSLA in furtherance of Since reputation is a very valuable asset, it is in the institution's best conflict of interest, personal gain at the expense of the institution, or

criminal and other illegal activities.

(4) To prescribe a clear assignment of responsibilities and decision- making authorities, incorporating a hierarchy of required approvals from individuals to the board of trustees.

such other group for the purpose of lending, investing or committing the NSSLA to any financial undertaking or exposure to risk at any time. reserved to it for decision, such as major capital expenditures, equity The board of trustees shall establish in writing the limits of the discretionary powers of each officer, committee, sub-committee and The board of trustees shall have a schedule of matters and authorities investments and divestments.

{E} To erfectively supervise the NSSLA's affairs.

members of the board, an effective system of checks and balances must exist. The system shall also provide a mechanism for effective cheei. and control by the board of trustees over the chief executive officer and The board of trustees shall establish a system of checis and baiances which appiies in the first instance to the board iself. key managers and by the latter over the line officers of the NSSLA. mogth

(6) To monitor. assess and control the performance of management.

so that it is provided with reievant and timely information to be able to The board of trustees shall put in place an appropriate reporting system effectively assess the performance of management. For this purpose, it may constitute a governance committee.

(7) To adopt and maintain adequate risk management policy.

The board of trustees shall be responsible for the formulation and maintenance of written policies and procedures relating to the

policy shall include: management of risks throughout the institution. The risk management

a comprehensive risk management approach:

a clear delineation of lines of responsibilities for managing risk; a detailed structure of limits, guidelines and other parameters used to govern risk-taking: an adequate system for measuring risk; and effective internal controls and a comprehensive risk-reporting process.

The board of trustees may constitute a committee for this purpose.

(8) To constitute the Audit Committee

preferably with accounting and finance experience. To constitute the Audit Committee which shall be comprised of trustees. Said audi

independent external auditor. adequacy and effectiveness of the internal control system. committee provides oversight of the institution's internal and external auditors. It shall be responsible for the setting up of the internal audit department and for the appointment of the internal auditor as well as the It shali monitor and evaluate the

(9) To meet regulariy.

To properly discharge its function, the board oi trustees shall meet regulariy. Independent views in board meetings shall be given full consideration and all such meetings shall be duly minuted

(1o) To keep the individual members of the board and the members

informed.

It is the duty of the board of trustees to present to all its members and to

appropriate information that fiows internaliy and to the public. All members of the board shall have reasonable access to any information about the institution. the stakeholders a balanced and understandable assessment of the NSSLA's performance and financial condition. It should aiso provide

(11) To ensure that the NSSLA has beneficial influence on the economy

services and facilities which will be supportive of the national economy The board of trustees has a continuing responsibility to provide those

(12) To assess at least annually its performance and effectiveness as a body, as well as its various committees, the chief executive officer and the NssLA itself.

regularly with the end in view of having a balanced membership. adopted which may include, but not iimited to, the setting of benchmark The composition of the board of trustees shall also be reviewed Towards this end, a system and procedure for evaluation shall be and peer group analysis.

(I3) To keep their authority within the powers of the institution as prescribed in the articles of incorporation, by-iaws and in existing Laws, tuies and regutations.

regulations, the board of trustees shall appoint a compliance officer who shall be responsible for coordinating, monitoring and facilitating shall be vested with appropriate authority and provided with appropriate support and resources. It may also constitute a compliance committee. To conduct and maintain the affairs of the institution within the scope of its authority as prescribed in its charter and in existing laws and compliance with existing laws and regulations. The compliance officer

-. Specific Duties and Responsibilities of a Trustec

To conduct fair business transactions with the NSsLA znd ce ensure that personal interest does not bias board decisions.

be avoided, it should be done in the regular course of business and upon and/or his related interests. He should avoid situations that would compromise his impartiality. Trustees should, whenever possible, avoid situations that would give rise to a confiict of interest. If transactions with the institution cannot terms not less favorable to the institution than those offered to others position to make profit or to acquire benefit or advantage for himself The basic principie to be observed is that a trustee shouid not use his

(2) To act honestly and in good faith, with loyalty and in the best

interest of the Association, its members, regardless of the amount of their capitai contributions, and creditors, if any.

A trustee must always act in good faith, with the care which an ordinarily prudent man would exercise under similar circumstances While a trustee shouid always strive to promote the interest of all members, he shall also give due regard to the rights and interests of other stakeholders.

(3) To devote time and attention necessary to properly discharge their

duties and responsibilities.

Trustees shall devote sufficient time to familiarize themselves with the institution's business. institution's condition and be knowiedgeable enough to contribute They must be constantly aware of the

meaningfully to the board's work. They must attend and actively participate in board and committee meetings, request and review meeting materials, ask questions and request explanations. If a person cannot give sufficient time and attention to the affairs of the institution. he shall neither accept his nomination nor run for election as member of the board of trustees.

(4} To act judiciousiy.

Before deciding on any matter brought before the board of trustees every trustee shouid thoroughly evaiuate the issues. ask questions and seei ciarifications when necessary.

(S) To exercise independent judgment.

A trustee should view each problem/situation objectively. When a. disagreement with others occurs. he should carefully evaluate the situation and state his position. He should not be afraid to take a positicn even though it might be unpopular. Corollarily, he should support plans and ideas that he thinks will be beneficial to the institution.

(6) To have a working knowledge of the statutory and regulatory

requirements affecting the Association, including the content of its articles of incorporation and by-laws, the requirements of the BSP,

and where applicable, the requirements of other reguiatory agencies.

business trends in order to safeguard the institution's competitiveness. A trustee also keeps himself informed of the industry deveiopments and

(7) To observe confidentiality.

said information to any other person without the authority of the board acquired by reason of their position as trustees. They may not disciose Trustees must observe the confidentiality of non-public information

Section 2. Section 4142S is hereby amended to read as follows:

Section 4142S.1 Definition of Officers

NSSLA (or any of its branches and offices other than the head office) either through announcement, representation, publication or any kind of and others mentioned as officers of the bank, or those whose duties as such are defined in the by-laws, or are generaily known to be the officers of the Vice President, Vice President, General Manager, Secretary, Treasurer communication made by the bank. Officers shall include the President, Executive Vice President, Senior

position of the board who also performs funetions of management such &s those ordinarily performed by reguiar officers shall aiso be considered ar: OCe A person holding the position of chairman, vice-chairman or any other

Sectioz 4142S.2 Qualifications of Officers

An officer shall have the following minimum gualifications.

C He shall be at ieast twenty-one (21) years of age:

D He shall he at Ieast a COLLEGE graduate OR have at ieas

responsibilities, OR have undergone training in NSSLA or banking operations acceptabie to the appropriate supervising related activities or in a fieid reiated to his position and FIVE (5) years experience in NSSLA or banking operations o: and examining department of the BSP.

2 He must be fit and proper for the position of an officer of the

NSSLA. In determining whether a person is fit and proper for the position of an officer, the following matters must be considered:

v. experience/training. ii. competence; Hli. education; iv. diligence; and integrity/probity;

aiready required or prescribed by R.A. No. 8367, as amended, and The foregoing qualifications for officers shall be in addition to those

other existing applicable laws and regulations.

Section 3. Section 4143S is hereby amended to read as foliows:

Sec. 4143S. Disqualifications of Trustees and Officers

trustees and officers. The following regulations shall govern the disqualification of NSSLAsj

Subsec. 4143S.1 Persons Disqualified to Become Trustees.

Without prejudice to specific provisions of iaws prescribing becoming trustees: disqualifications for trustees. the folliowing are disaualifiec from

G Fermanentiy disquglified

The following persons are permanentiy disqualified from hoiding & trustee position:

) Persons who have been convicted by final iuagment of the court for offenses invoiving dishonesty or breach of irust, such as estafa, embezzlement, extorrion, forgery. malversation, swindling and theft:

2 Persons who have been convicted by finai judgment of the court for violation of banking/quasi-banking/NSSLA laws;

C

(3) Persons who have been judicially deciared insoivent, spendthrift or incapacitated to contract; or

4 Directors/trustees, officers or employees of ciosed banks/quasi. banks/trust entities, NSSLAs or other non-bank financial

institutions under BSP supervision/regulation who were responsible for such institution's closure as determined by the Monetary Board.

b. Temporarily disqualified

Persons disqualified from holding a trustee position for a specific/indefinite period of time are:

() Persons who refuse to fully disclose the extent of their business interest to the appropriate supervising and examining department

memorandum or rule or regulation of the BSP. This when required pursuant to a provision of law or of a circular!

disqualification shall be in effect as long as the refusal persists:

((2) Trustees who have been absent or who have not participated for both regular and special, of the board of trustees during their incumbency. This disqualification applies for purposes of whatever reasons in more than fifty percent (50%) of all meetings. incumbency, or any twelve (12) month period during said the

succeeding eiection;

! Persons who are delinquent in the payment of their obiigations

as defined hereunder

E Delinguency in the payment of obiigations means that ar

obligation of a person with an NSSLA where he/she is a trustee or officer, or at least two obligations with other banks/financial institutions. under different credit lines or Ioan contracts, are past due pursuant to existing regulations.

(b) Obligations shall include all borrowings from a bank/quasi bank/trust entity/NSSLA/other financial institutions obtained

by

11

i. A trustee or officer for his own account or as he/she acts as a guarantor, indorser, or surety the representative or agent of others or where for loans from such financial institutions;

ii. The spouse or child under the parental authority of the trustee or officer:

ifi. Any person whose borrowings or loan

used for the benefit of a trustee or officer: proceeds were credited to the account of, or

iv. A partnership of which a trustee or officer, or his/her spouse is the managing partner or a the partnership; and general partner owning a controlling interest in

v. A corporation, association or firm wholly. owned by any or a group of persons mentioned owned or majority of the capital of which is in the foregoing items (i), (ii) and (iv);

deiinguency persists. This disqualification shall be in effect as long as the

! Persons convicted for offenses involving dishonesty, breach of

trust or violation of banking/quasi-banking and NSSLA laws and regulations but whose conviction has not vet become final and Sxecutory

(S Directors/trustees and officers of ciosed banks/quasi-panks/trust

entities/NSSLAs and other financial institutions under BSP supervision/regulation pending their ciearance by the Monetary Board:

6) Trustees disqualified for failure to observe/discharge their duties disqualification or upon approval by the Monetary Board on and responsibilities prescribed under existing regulations. This disqualification applies until the lapse of the specific period of recommendation by the appropriate supervising and examining department of such trustees' election/re-election:

1 2

7} Trustees who failed to attend the special seminar on Corporate

Governance for board of trustees required by BSP. Ih disqualification applies until the trustee concerned had attended Such seminar

{8} Persons dismissed/terminated from employment for cause. This disqualification shall be in effect until they have cieared themselves of involvement in the alleged irregularity:

(9) Those under preventive suspension; or

(10) Persons with derogatory records with the National Bureau of Investigation (NBI), court, police, Interpol and monetary authority (central bank) of other countries (for foreign trustees and officers) involving violation of any iaw, rule or regulation of the

Government or any of its instrumentalities adversely affecting the integrity and/or ability to discharge the duties of an NSSLA trustee/officer. The disqualification applies until they have cleared themselves of involvement in the alieged irregularity

Subsec. 4143S.2 Persons Disqualified to Become Officers.

2. The disqualifications for trustees mentioned in Subsec. 4143S.1 shall likewise apply to officers, except those stated in Items b.2 and

b.7.

b. Except as may be authorized by the Monetary Board or the Governor, the spouse or a reiative within the second degree oi

any position of equivaient rank, General Manager, Treasurer, Chief consanguinity or affinity of any person holding the position of Chairman, Vice Chairman, President, Executive Vice Presiaent o. Cashier or Chief Accountant is disqualified from holding or being elected or appointed to any of said positions in the same NSSLAj and the spouse or relative within the second degree of consanguiniry or affinity of any person holding the position of Manager, Cashier cr Accountant of a branch or office of a NSsLA is disqualified from holding or being appointed to any of said positions in the same branch or office:

C. Except as may otherwise be allowed under C.A. No. 108.

otherwise known as "The Anti-Dummy Law," as amended. foreigners cannot be officers or employees of NSSLAs; and

13

d. Any appointive or elective public official, whether full time or part assistance provided by the government or government owned or controlled corporations or in cases allowed under existing law time, except in cases where such service is incident to financial

Subsec. 4143S.3 Disqualification Procedures

a. Upon the establishment of any of the grounds for disqualification. obligations wherein the trustee or officer concerned shall be given a the office of the disqualified trustee or officer shall immediately become vacant, except in the case of delinquency in the payment of disqualification has been established. grace period of thirty (30) days after such ground for

b. All cases of disqualification shall be immediateiy reported to the report shall be made at the expiry of the 30-day grace period Board of Trustees of the NSSLA concerned. If the ground for disqualification is delinquency in the payment of obligations, the mentioned in item "a" above.

the name of the trustee or officer involved, the ground for his following board of trustees' meeting. Within seventy two (72) hours BSP through the appropriate supervising and examining department thereafter, the corporate secretary shall report to the Governor of the disqualification and the action taken by the Board. The board of trustees shall act on the report not later than the

C When the ground for disqualification ceases to exist, the trustes

of any NSSLA oniy upon prior approvai by the Monetary or officer concerned shall be eligible to become trustee or officer Board.

Possession of Disqualifications. Subsec. 4143S.4 Effect of Non-possession of Qualifications or

disqualifications as enumerated herein, shall vacate their respective positions immediately Trustees/officers elected or appointed without possessing the qualifications aforementioned or possessing any of the

1L

Subsec. 4143S.5 Watchlisting

NSSLA trustees/officers under the following procedures: and Examination Sector shall maintain a watchlist of disqualified To provide the BSP with a central information file to be used as reference in passing upon and reviewing the qualifications of persons elected or appointed as trustee or officer of a NSSLA, the Supervisior

a Watchlist categories. Watchlisting shall be categorized as

follows:

1 Disqualification Trustees/officers/empioyees permanently disqualified by the Monetary Board File from "A holding (Permanent)

the supervision/reguiation of Bsp director/trustee/officer position in any institution under

2) Disqualification Trustees/officers/ empioyees temporarily disqualified by the Monetary File Board "B from (Temporary) holding

the supervision/regulation of BSP. director/trustee/officer position in any institution under

b. Inclusion of trustees/officers/employees in the watchlist. Upon recommendation by the Supervision and Examination Sector, ths supervision, BSP. NBI or any other administrative agencies shai! inclusion of trustees/officers/employees in watchlist disqualificatior files "A" and "B" on the basis of decisions, actions or reports of the courts,banks, quasi-banks.other NSSLAs and NBFIs under BSP first be approved by tne Monetary Board.

C Notification of trustees/officers/empioyees. Upon approvai by

the Monetary Board, the concerned trustee/officer/employee shall be waichisted persons disqualified to be a trustee/officer in any at his/her last known address of his/her inclusion in the masteriist of informed through registered mail, with registry return receipt card. financial institution under the supervision of the BSP.

d. Confidentiality. Watchiisting shall be for internal use only and may not be accessed or queried upon by outside parties including banks. quasi-banks, trust entities, NSSLAs or other NBFIs under BSP supervision except with the authority of the person concerned and

15

with the approval of the Deputy Governor. SES, or the Governor, or the Monetary Board.

e Delisting. All delistings shall be approved by the Monetary Board

Monetary Board. Delisting may be approved by the Monetary upon recommendation of the operating departments of the SES be automatic upon proof of death and need not be elevated to the Board in the following cases:. except in cases of persons known to be dead, where delisting shal

Watchlist -- Disqualification File "B" (Temporary) --

I I I. laws becomes final and executory, in which case the trustee/officer/employee is relisted to Watchlist had derogatory record. When the conviction by the court for crimes involving Disqualification File "A"" (Permanent): After the lapse of the specific period of disqualification; dishonesty, breach of trust and/or violation of banking Upon favorable decision or clearance by the appropriate body, i.e., court, NBI, bank, quasi bank, trust entity or such other agency/body where the concerned individual

Disqualification File "B" other than those upgraded to Watchlist any bank, quasi-bank, trust entity , NSSLA or NBFI under BSP Disqualification File "A" shall be eligible for reemployment with Trustees/officers/emplovees delisted from the Watchlist

Supervision.

Section 4. A paragraph is hereby added to Section 4145S (Compensation of Trustees, Officers and Employees) which shall read as foliows:

may regulate/restrict the payment by the NSSLA of compensation. not limited to the following: aliowances, fees, bonuses, and fringe benefits to its trustees and officers in exceptional cases and when the circumstances warrant, such as, but To protect the funds of depositors and creditors, the Monetary Board

2 conducting business in an unsafe or unsound manner: When the NSSLA is found by the Monetary Board to be

D When the NSSLA is found by the Monetary Board to be in an

following cases: unsatisfactory financial condition such as, but not limited to, the

(1) Its capital is impaired; and (2) It has suffered continuous losses from operations for the

past three years.

In the presence of any one or more of the circumstances mentioned compensation and other benefits of trustees and officers: above, the Monetary Board may impose the following restrictions in the

} Except for the financial assistance to meet expenses for the medical, maternity, education and other emergency family, other forms of financial assistance may be Suspended. needs of the trustees or officers or their immediate

(ii) When the total compensation pacikage including salaries. averages, the Monetary Board may order their reduction allowances, fees and bonuses of trustees and officers are significantly excessive as compared with industry to reasonable levels.

Section 5. Section 4148S is hereby added to read as follows:

Full-time Manager for NSSLAs

the operations of the NSSLA. The Manager shali possess all the P 5.000.000.00) shall maintain a full-time Manager to take charge o? qualifications and shall not have any disqualification aforementioned herein. All NSSLAs with total assets of at ieast Five Miliion Pesos

Section 6. Section 4631S is hereby added to read as follows:

Revocation/Suspension of NSSLA License

upon due notice and hearing, has the authority to either revoke or Stock Savings and Loan Association Act of 1997, the Monetary Board In reference to Section 22 of R.A. No. 8367 or the Revised Non-

17

suspend the license of any NSSLA for such period as it deems necessary, based on any of the following grounds:

a. Suspension of license:

1) repeated violations (uncorrected similar examination findings provisions of R.A. No. 8367, and/or any rules or regulations for the last two examinations, regular or special,) of any of the promulgated to implement said law, or BSP directives and/or instructions:

2) paid-up capital is impaired by continuing losses for the last two fiscal years:

supervising department . Monetary Board upon recommendation of the Lifting of the suspension of license shail be approved by appropriate the BSP

b. Revocation of license:

1) when the solvency of the NSSLA is imperiled by losses and irregularities:

2) when the NSSLA willfully violates any provision of R. A. No. 8367, any ruie or regulation promulgated to implement law and BSP directives and/or instructions; Said

3) when the NSSLA is coniucting business in an unsafe and unsound manner:

4y when it is unabie to pay its habilities as they become due in the ordinary course of business:

5) when it has insufficient realizable assets, as determined by the BSP, to meet its iiabilities:

5) when it cannot continue in business without involving probabie Yosses to its members or creditors; and

7) when it has wilfully vioiated a cease and desist order of the Monetary Board involving acts or transactions which amount to fraud or a dissipation of assets of the institution.

its debts and distribution of its assets among the members or corporation also has the option of adopting a pian for the distribution of its assets, as stated under Section 95 of the Corporation Code. in case of violation thereof. After the cessation of its operations due to the NSSLA is prohibited from engaging in the business of accumulating the savings of its members and using such accumulations for loans to its members, subject to applicable sanctions and penaities provided by law revocation of its license, the NSSLA should proceed with its dissolution, in accordance with the provisions under the Corporation Code. The dissolution of a corporation involves the termination of its corporate existence, at least, as far as the right to go on doing ordinary business is concerned, and the winding up of its affairs, the payments of stakeholders or other persons involved. The board of trustees of the As to the effects of the revocation/suspension of license of the NSSLA.

case against the corporation in accordance with the provision under the trustees refuses to effectuate such dissolution, the Monetary Board may refer the matter to the Soiicitor General for the filing of a quo warranto may direct the board of trustees of the NSSLA to proceed with the voluntary dissolution of the corporation. In the event that the board of Corporation Code. After the revocation/suspension of its license, the Monetary Board

Gazette or in two newspapers of general circulation. This Circular shall take effect fifteen (15) days after publication in the Official

FOR THE MONETARY BOARD

ARMANDO L. SURATOS Officer-in-Charge

Aeust.20... 2003