BSP Circular Letters BSP Circular LetterBSP Circular Letter 2003-09-02T00:00:00.000+08:00
Foreign banks which has more than one (1) branch and/or other office in the Philippines
CIRCULAR LETTER Series of 2003
TO : All Foreign Bank Branches
The Monetary Board, in its Resolution No. 1121 dated 7 August 2003 has clarified that in the case of a foreign bank which has more than one (1) branch and/or other office in the Philippines, all such branches/offices shall be treated as one unit and all references to the Philippine branches/offices of such foreign bank shall be held to refer to such unit pursuant to Section 74 of the General Banking Law of 2000.
Please be guided accordingly.
ALBERTO V. REYES Deputy Governor
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