Application of the general loan loss provisioning requirement
CIRCULAR NO. 198 Series of 1999
Pursuant to Monetary Board Resolution No. 412 dated April 7, 1999, the Monetary Board decided to apply the general loan loss provisioning requirement only to outstanding loans as of the cut-off period of March 31, 1999 such that incremental loans granted over and above the loan portfolio, level of banks net of allowable exclusions as of March 31, 1999 shall no longer be subjected to general loan loss provisioning as an incentive for banks to extend loans. cdt
This Circular shall take effect immediately.
FOR THE MONETARY BOARD:
GABRIEL C. SINGSON Governor
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