Inclusion of health maintenance organizations (HMOs) as non-financial allied undertakings of expanded commercial banks (EKBs)
CIRCULAR NO. 152 Series of 1998
The Monetary Board, in its Resolution No. 144 dated January 28, 1998, approved the inclusion of health maintenance organizations (HMOs) as non-financial allied undertakings of expanded commercial banks (EKBs), provided that the equity investment in a HMO of an EKBs, any of its wholly or majority-owned subsidiaries, its directors, officers and stockholders owning two percent (2%) or more of the bank's subscribed capital stock, shall not exceed fifty-one percent (51%) of the total subscribed capital stock and the total voting stock of such HMO.
This Circular shall take effect immediately.
FOR THE MONETARY BOARD:
ALBERTO V. REYES Officer-In-Charge
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