Issuance of long-term non-negotiable tax-exempt certificates of time deposits
CIRCULAR NO. 191 Series of 1999
Pursuant to Monetary Board Resolution No. 214 dated February 17, 1999, the provisions of item (a) of Subsection _237.1 of the Manual of Regulations for Banks and Other Financial Intermediaries (Books I to III) regarding the issuance of long-term non-negotiable tax-exempt certificates of time deposits are hereby amended to read as follows:
"a. Form: Denominations — The certificate shall contain words denoting its non-negotiability and shall be issued by banks only in the name of individuals with denominations in increments of One Thousand Pesos (P1,000.00)."
This Circular shall take effect immediately.
FOR THE MONETARY BOARD:
GABRIEL C. SINGSON Governor
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