Amendments to the Manual of Regulations for Banks and Other Financial Intermediaries,

CIRCULAR NO. 34 Series of 1994

The Monetary Board, in its Resolution No. 439 dated 13 May 1994, as amended by its Resolution No. 618 dated 8 July 1994, approved the amendments to the Manual of Regulations for Banks and Other Financial Intermediaries, as follows:

SECTION 1. Subsecs. 1131.1 (Book I), 2131.1 (Book II) and 3131.3 (Book III) of the Manual of Regulations are hereby amended by adding a new paragraph after Item b (4) thereof, to read as follows:

"For purposes of determining compliance with the above-mentioned twenty percent (20%) ceiling, only the stockholdings of the living relatives and the stockholdings of corporations which are wholly or majority-owned or controlled by such living relatives shall be considered."

SECTION 2. Sections 1329 (Book I), 2329 (Book II), 3329 (Book III) and 4329Q (Book IV) of the Manual of Regulations are hereby amended by adding a new paragraph after Item b(6) thereof, to read as follows:

"In determining indirect borrowings as enumerated above, only those cases involving living relatives shall be considered."

SECTION 3. The SES report forms for bio-data mentioned below are hereby amended so as to require listing therein of only the living relatives.

Name of Report

Financial Institutions

CBP-7-16-18

KB KBs and EKBs

CBP-7-16-18

SB Savings Banks

CBP-7-16-18

PDB Private Development Banks

CBP-7-19-42

SLA Stock Savings and Loan  Associations

CBP-7-19-42

RB Rural Banks

CBP-7-26-01.1

Quasi-Banks

CBP-7-26-01.IH

Non-Stock Savings and Loan Associations

CBP-7-26-01.11

Building and Loan Associations

This Circular shall take effect immediately.

FOR THE MONETARY BOARD:

EDGARDO P. ZIALCITA Officer-in-Charge