Amendments to the Manual of Regulations for Banks
CIRCULAR NO. 349 Series of 2002
Pursuant to Monetary Board Resolution No. 1198 dated 15 August 2002, the Manual of Regulations for Banks is hereby amended, as follows:
Section 1. Subsection X319.6 of the Manual of Regulations is hereby renumbered as Subsection X319.7
Section 2. Subsection X319.6 is hereby added to the Manual of Regulations to read as follows:
“Subsec. X319.6. Credit card receivables. In addition to the requirements under Subsecs. X319.1 and X319.2, banks and their subsidiary credit card companies, must ascertain that credit card applicants are capable of fulfilling their commitments by determining the net take home pay of those who are employed and the net monthly receipt of those engaged in trade or business. Credit limits should also be based on said take home pay or net receipts.”
This Circular shall take effect immediately.
FOR THE MONETARY BOARD:
RAFAEL B. BUENAVENTURA Governor
More in BSP Circulars
- Target level of capitalization for banks as of end-2000(BSP Circular No. 257)
- Concurrent officerships between banks/NBQBs or between a bank/NBQB and non-bank financial intermediary(BSP Circular No. 492)
- Mandatory Implementation Date and Closure of Early Adoption Window of Philippine Financial Reporting Standards 9 Financial Instruments(BSP Circular No. 912)
- Amending Circular No. 1389(BSP Circular No. 55)
- Harmonization with Internationally Accepted ISO 20022 Standard for Retail Payment Systems(BSP Circular No. 1223(corrected copy))
- Domestic Standby Letters of Credit(BSP Circular No. 536)
- Designation of Certain Personnel of the CMSS Who Shall Exclusively Exercise the Authority Vested in the BSP Under Section 50 of R.A. 7653(BSP Circular No. 599)
- Amendments to Regulations on Guarantees Issued by Banks/Quasi-Banks(BSP Circular No. 773)
Want an analysis of this document?
Ask ASG Legal AI to summarize it, compare it with other rulings, or explain how it applies to your situation — it researches from this same library.