Equity Investments of Rural Banks/Cooperative Banks in Automated Teller Machine (ATM) Networks

CIRCULAR NO. 563 Series of 2007

Subject: Equity Investments of Rural Banks/Cooperative Banks in Automated Teller Machine (ATM) Networks

Pursuant to Monetary Board Resolution No. 234 dated 22 February 2007, the Manual of Regulations for Banks (MORB) is hereby amended, as follows:

Section 1. Paragraph “b.” of Section X380 on Non-Financial Allied Undertakings is hereby amended to read, as follows:

“Sec. X380 Non-Financial Allied Undertakings

x   x   x

b. RBs/Coop Banks

RBs/coop banks may invest, as a non-financial undertaking, in the equities of companies engaged in the following:

1) Warehousing and other post-harvest facilities; 2) Fertilizer and agricultural chemical and pesticides distribution; 3) Farm equipment distribution; 4) Trucking and transportation of agricultural products; 5) Marketing of agricultural products; 6) Leasing; 7) AUTOMATED TELLER MACHINE (ATM) NETWORKS; and 8) Other undertakings as may be determined by the Monetary Board.”

This Circular shall take effect fifteen (15) days following its publication either in the Official gazette or in a newspaper of general circulation.

FOR THE MONETARY BOARD

AMANDO M. TETANGCO, JR. Governor