Amendments to the Manual of Regulations for Banks relative to the duties of the Corporate Secretary

CIRCULAR NO. 238 Series of 2000

The MonetaryBoard, in its ResolutionNos. 254 and 580dated February 18 and April 7, 2000,respectively, approved the amendment of Subsection X126.2c of the Manual of Regulations for Banks relative to the duties of the CorporateSecretary by requiring the disclosure of the ultimatebeneficialowners of bank shares held in the name of PCD Nominee Corporation in the quarterly report on ConsolidatedList ofStockholders andTheirStockholdings effective with the report as of December 31, 1999.

The report on Consolidated List of Stockholders and Their Stockholdings shall be made under oath by the authorized bankofficers/signatories.A violation of any provisionof this Circularshall besubject to a penalty of P30,000.00 per day until the correct report is submitted to Bangko Sentral.

Bankswhich havesubmitted their December 31, 1999 report shall re-submit not later than fifteen(15)banking days from date of this Circular said report, taking into account the above requirement.

FOR THE MONETARY BOARD:

RAFAEL B. BUENAVENTURA Governor