Amendments to the Manual of Regulations for Banks of 30 September 2016

EIANGKo SeNrnaL NG Pllretruas OFFICE OF THE GOVERNOR CIRCULAR NO. 948 Series of 20L7 Subject: Amendments to the Manual of Regulations for Banks as of 30 September 2016 The Monetary Board, in its Resolution No.276 dated 16 February 2OI7, approved the following amendments to the Manual of Regulations for Banks as of 30 September 2016. Section 1. The implementing date of the new check clearing process as prescribed in the Memorandum No. M-2016-Ot2 (Clearing of Checks via Electronic Presentment) dated 08 September 2016 is codified as a footnote to Section X206 as follows: "Sec. X206 (2008 - X603) Clearing Operations. The Philippine Clearing House Corporation (PCHC) x x x. lt shall implement Clearing of Checks via Electronic Presentment through its Check lmage and Clearing System (CICS) upon receipt by the Bangko Sentral of a written notice from the PCHC that CICS is operational.l XXX 1 The new check clearing process sha ll be implemented on 20 January 2OL7 ." Section 2. The effectivity date of the revised rediscount rates under Circular No. 916 dated 08 July 2016 is codified as a footnote to Subsection X269.6 as follows: " Subsection X269.6 Rediscount/Lending rotes ond liquidated domages. The rediscount rates for peso, dollar and yen loans shall be, as follows: a. Peso Rediscountsl xxx b. Dollarfien Rediscounts XXX Pastduexxxperannum2 1 These peso rediscount rates shall take effect on 25 July 2016. 2 See Appendix 89 x x x " Section 3. The Sworn Certification on Lending to Local Government Units/Borrowing Government Entities as required report under Circular No. 926' dated 13 Septemb er 2016 is codified in Appendix 6. FOR THE MONETARY BOARD: AMANDO I ruarch zorz A. Mabini St., Malate 1004 Manila, Philippines o (632) 708-71-01owww.bsp.gov.ph. [email protected]