To affirm the policy/regulation requiring, among others, prior written approval of the majority of the board of directors of banks for loans and accommodations granted to their officers

CIRCULAR LETTER Series of 1994

TO : All Banking Institutions

The Monetary Board, in its Resolution No. 182 dated February 24, 1994, affirmed the policy/regulation requiring, among others, prior written approval of the majority of the board of directors of banks for loans and accommodations granted to their officers under their fringe benefit programs for said officers, even if said fringe benefit programs were already approved by their board of directors and were submitted to and approved by the Bangko Sentral.

Please be guided accordingly.

FELICIANO L. MIRANDA, JR. Officer-in-Charge