Transitory Provision under Circular No. 694, dated October 2010, on the Establishment of Other Banking Offices (OBOs)

BANcKo SenrnII No PILIPINAS OFFICE OF THE DEPUTY GOVERNOR SUPERVISION AN D EXAMINATION SECTOR MEMORANDUM NO. X1.2911. 019 To Att BANKS Subject Transitory Provision under Cirtular No. 694, dated 14 October 20le on the Establishment of Other Banking Offlces (OBOsl Pursuant to the Transitory Provision under Section 2 of Circular 694, dated 14 october 201Q banks are given up to 15 April 2011 to declare to the Bsp the desired classification of their existing Other Banking ffices (OBOs); otherwise, unclassified OBOs thereafter shall be automatically classified as regular OBOs after the said date. As regular OBOs, they shall perform only the following non-transactional activities, as provided under Circular 594: (1) Market loans, deposits and other bank products and services; (2) Accept loan applications and conduct preliminary credit evaluation as well as perform credit administration support services; (3) Host on-site automated teller machines (ATMs); (4) Perforn custorner care services; (s) Perform customer identification process, receive account opening documents and facifitate account activation: provided, that account opening approval and actual opening of deposit accounts shall be done only at the head offi ce/branches/extension offi ces; and (5) Such other non-transactional banking-related activities as may be authorized by the BSP. Activities outside the enumeration above shall be phased out by 4 May 20u1. The president or officer of equivalent rank of a bank with existing OBO/s covered by this transitory provision shall submit a certification under oath, within 30 calendar days from 4 May 2011, to their respective central point of contact that all existing OBOs conform to the provisions of Circular G94. For information and guidance. ESTOR A. trPENILLA 21 March 20rr ' Circular 594 became effuctive 4 November 2O1o 15 days { after publication in Malaya on 2o oaober 2o10). 4 May 2011 is 6 months after effectivity,