To approve the amendments to the Manual of Regulations for Banks and Other Financial Intermediaries

CIRCULAR NO. 17 Series of 1994

The Monetary Board, in its Resolution No. 208 dated March 4, 1994, approved the amendments to the Manual of Regulations for Banks and Other Financial Intermediaries, as follows:

SECTION 1. Item (a) of Subsection 1289.4 (Book I) of the Manual of Regulations is hereby amended to read as follows:

"a. combined capital accounts of at least P250 million."

SECTION 2. Item (a) of Subsection 2289.4 (Book II) of the Manual of Regulations is hereby amended to read as follows:

"a. combined capital accounts of at least P250 million: Provided, that banks already authorized to perform quasi-banking functions shall have until December 31, 1995 within which to meet the minimum capital required and shall submit a capital build-up program with semestral targets by June 30, 1994."

This Circular shall take effect immediately.

FOR THE MONETARY BOARD:

GABRIEL C. SINGSON Governor