Amendment of Circular No. 280
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:
"(3) Securities issued by special purpose vehicles against assignment of receivables arising from future payments of the Philippine national government (NG) in connection with projects undertaken in pursuance of R.A. No. 6957, as amended: Provided, That such securities obtain and maintain credit ratings of at least one notch below the credit rating of the NG from a Bangko Sentral ng Pilipinas recognized rating agency."
This Circular shall take effect fifteen (15) days after its publication either in the Official Gazette or in a newspaper of general circulation.
FOR THE MONETARY BOARD:
RAFAEL B. BUENAVENTURA Governor
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- Amendments in the Category and Submission Deadline of Prudential Reports Submitted through the Application Programming Interface(BSP Circular No. 1177(corrected copy))
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- Extension of the deadline of the second phase (1st phase for thrift banks outside Metro Manila and rural banks) of the capital build-up programs of banks from 31 December 1999 to 31 January 2000(BSP Circular No. 221)
- Excess FCDU/EFCDU funds of universal and commercial banks(BSP Circular No. 342)
- To issue regulations applicable to Common Trust Funds (CTFs)(BSP Circular No. 452)
- Amendments to the Manual of Regulations re issuance by banks of redeemable preferred shares(BSP Circular No. 397)
- Imposition of the sanctions for deficiency in the security deposit for the faithful performance of trust and fund management duties and deposit for liquidity purposes for common trust fund(BSP Circular No. 1335)
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