Amendment of Subsection X169.11 of the Manual of Regulations for Banks

CIRCULAR NO. 569 Series of 2007

Subject: Amendment of Subsection X169.11 of the Manual of Regulations for Banks

Pursuant to Monetary Board Resolution No. 511 dated 03 May 2007, the Manual of Regulations for Banks (MORB) is hereby amended as fo!lows:

Section 1. Subset. X169.11 Other banking services for subsidiaries, affiliates and related companies of the MORB is hereby amended to read, as follows:

“A bank may be authorized, upon prior Monetary Board approval, to render the following services in favor of subsidiaries, affiliates and companies related to it by at least 5% common ownership:

xxx

s. Credit administration services, such as, limit administration, loan documentation, loan administration, and credit reporting, compliance and control.

xxx

Section 2. The foregoing amendment shall likewise apply to corresponding provisions in the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).

This Circular shall take effect fifteen (15) days after publication in ihe Official Gazette or in a newspaper of general circulation.

FOR THE MONETARY BOARD:

DIWA C. GUINIGUNDO Officer-in-Charge