Effectivity of Circular Letter dated February 18, 2003 on the renumbering of Schedule 15 of CSOC to Schedule 8a

CIRCULAR LETTER Series of 2003

TO   :       All Commercial Banks

The National Printing Office has issued a Certificate of Publication dated Aril 29, 2003 that Circular Letter dated February 18, 2003 on the renumbering of Schedule 15 of CSOC (Report on Bank Liabilities to Non-Residents) to Schedule 8a and on the applicable penalty of PhP1,2000.00 per business day of default in the submission of Schedule 8a of CSOC as a Category A-2 report, was published in the Official Gazette dated April 28, 2003 (Volume 99, Number 17, pages 2734-37) and the last issue has been officially released by the said Office on April 29, 2003.

Accordingly, the Circular Letter is deemed to have taken effect on May 15, 2003 and the new penalty rates for delayed/unsubmitted/erroneous/incomplete submission of Schedule 8a of the CSOC shall be imposed for all Schedule 8a reports due for submission to the Bangko Sentral starting with report month April 2003 onwards.

Please be guided accordingly.

RENE N. CARREON Sector-In-Charge