BSP CIRCULAR 597, S. OF 2008, January 11, 2008

[ BSP CIRCULAR 597, S. OF 2008, January 11, 2008 ]

AMENDMENT OF SUBSECTION X 169.11 OF THE MANUAL OF REGULATIONS FOR BANKS

Pursuant to Monetary Board Resolution No. 1465 dated 21 December 2007, the Manual of Regulations for Banks (MORB) is hereby amended as follows:

SECTION 1. Subsection X169.11 Other banking services for subsidiaries, affiliates and related companies of the MORB is hereby amended to read, as follows:

"A bank may be authorized, upon prior Monetary Board approval to render the following services in favor of subsidiaries, affiliates and companies related to it by at least five percent (5%) common ownership:

xxx xxx;

u. Production of credit cards and preparation of statement of accounts

xxx xxx." SECTION 2. The foregoing amendment shall likewise apply to the corresponding provisions in the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).

This Circular shall take effect fifteen (15) days after publication in the Official Gazette or in a newspaper of general circulation.

Adopted: 11 Jan. 2008

FOR THE MONETARY BOARD:

(SGD.) AMANDO M. TETANGCO, JR. Governor