Amendment of Subsection X169.3 of the Manual of Regulations for Banks
CIRCULAR NO. 596 Series of 2008
Pursuant to Monetary Board Resolution No. 1468 dated 21 December 2007, the Manual of Regulations for Banks (MORB) is hereby amended as follows:
Section 1. Subsection X169.3 Oufsourcing of other banking functions of the MORB is hereby amended to read, as follows:
"Subject to prior approval of the Monetary Board, banks may outsource the following functions, services, activities:
Xxx xxx; 16. loans processing, credit administration and documentation services TO its subsidiaries, affiliates and other companies related to it by at least 5 percent common ownership,
17. such other activities as maybe determined by the Monetary Board."
Section 2. The foregoing amendment shall likewise apply to the corresponding provisions in the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).
This Circular shall take effect fifteen (15) days after publication in the Official Gazette or in a newspaper of general circulation
FOR THE MONETARY BOARD:
AMANDO M. TETANGCO, JR. Governor
More in BSP Circulars
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- Investment in Readily Marketable Bonds and Other Debt Securities(BSP Circular No. 960)
- Implementing Guidelines for the Bangko Sentral ng Pilipinas (Bangko Sentral) - Bank of Japan (BOJ) Cross-Border Liquidity Arrangement (CBLA)(BSP Circular No. 919)
- Depository banks for National Government funds for the purpose of tax and custom collections(BSP Circular No. 358)
- Amendments to the provisions of Sections 1112, 2112, 3112 and 4112Q of the Manual of Regulations for Banks and Other Financial Intermediaries (Books I to IV)(BSP Circular No. 172)
- Amendments to the Manual of Regulations for Non-bank Financial Institutions(BSP Circular No. 391)
- Amendments on the Authorization Form for Querying the Bangko Sentral Records for Screening Applicants and Confirming Election of Directors/Trustees and Appointment of Officers(BSP Circular No. 1236)
- Service bureaus which can be engaged to perform the activities allowed to be outsourced by banks to those primarily owned by banks and rendering services only to banks and non-bank financial institutions(BSP Circular No. 154)
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