To approve amendments to the provisions of Sections 72 and 73 of Circular No. 1389 dated 13 April 1993, Item "d" of Circular No. 433 dated 13 May 2004, the Manual of Accounts for EKBs and KBs, and the Manual of Accounts for TBs

CIRCULAR NO. 479 Series of 2005

The Monetary Board (MB), in its Resolution No. 1475 dated 7 October 2004, as amended by MB Resolution No. 94 dated 27 January 2005, approved the amendment to Subsection X169.3 of the Manual of Regulations for Banks, as amended, as follows:

“Subsection X169.3 Outsourcing of other banking functions

x x x

Banks may outsource credit card services; printing of bank loan statements and other non-deposit records, bank forms and promotional materials; credit investigation and collection; processing of export, import and other trading transactions; transfer agent services for debt and equity securities; property appraisal; property management services; messenger, courier and postal services; security guard services; vehicle service contracts; janitorial services; public relations services; procurement services; temporary staffing; legal services from local legal counsel; Provided that these activities do not include servicing/handling bank deposits or other inherent banking functions; and such other activities as may be determined by the Monetary Board.”

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

FOR THE MONETARY BOARD:

RAFAEL B. BUENAVENTURA Governor