Adoption of a Policy to Consider Loans Granted to Foreign Embassies as Loans to their respective Central Governments
CIRCULAR NO. 550 Series of 2006
Subject: Adoption of a Policy to Consider Loans Granted to Foreign Embassies as Loans to their respective Central Governments
The Monetary Board, in its Resolution No. 1233 dated 12 October 2006, approved a policy to consider loans granted to foreign embassies as loans to their respective central governments and as such, shall be considered non-risk, hence, exempt from the Single Borrower's Limit pursuant to item f of Section X303 (e) of the Manual of Regulations for Banks.
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:
AMANDO M. TETANGCO, JR. Governor
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