To approve the amendment of the last paragraph of Section 3 of Circular No. 1288
CIRCULAR NO. 59 Series of 1994
The Monetary Board, in its Resolution No. 1230 dated December 19, 1994 approved the amendment of the last paragraph of Section 3 of Circular No. 1288 dated June 4, 1991, as amended by Circular No. 1374 dated December 29, 1992, Circular No. 1385 dated February 26, 1993 and BSP Circular No. 46 dated September 2, 1994, to read as follows:
"The Accounting Department or if the Due from BSP is in foreign currency, the Treasury Department, shall maintain a special account for amounts deposited with the Bangko Sentral for this purpose which deposit shall not earn interest and shall not form of the banks' legal reserves. Deposits with the Treasury Department shall be in acceptable foreign currencies and shall be converted into pesos anytime there is a need to fund small enterprises loans."
This Circular shall take effect immediately.
For the Monetary Board:
GABRIEL C. SINGSON Governor
More in BSP Circulars
- Amendments to the Rules on Settlement of Transactions Involving Interbank Loans and Government Securities(BSP Circular No. 266)
- Liquidity reserves for all financial intermediaries(BSP Circular No. 197)
- Monetary penalty guidelines for banks/quasi-banks, their directors and/or officers for violations/offenses with sanctions falling under Section 37 of R.A.No. 7653(BSP Circular No. 496)
- Regulations on the Temporary Holding of Funds Subject of Disputed Transactions and Coordinated Verification Process(BSP Circular No. 1215)
- Amendments to the Regulations on Credit Exposure Limits to a Single Borrower and Definition of Capital(BSP Circular No. 1164)
- To approve amendments to the provisions of Sections 72 and 73 of Circular No. 1389 dated 13 April 1993, Item "d" of Circular No. 433 dated 13 May 2004, the Manual of Accounts for EKBs and KBs, and the Manual of Accounts for TBs(BSP Circular No. 479)
- To approve policy changes in order to help promote the development of the small and medium enterprises(BSP Circular No. 363)
- BSP Regulations on Financial Consumer Protection(BSP Circular No. 857)
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