Manual of Regulations for Banks and Non-Bank Financial Institutions - reorganized updated as of 31 December 2008

CIRCULAR NO. 672 Series of 2009

Subject:  Manual of Regulations for Banks and Non-Bank Financial Institutions - reorganized updated as of 31 December 2008

Pursuant to Monetary Board Resolution No. 1634 dated 12 November 2009, the provisions of the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) are hereby amended as follows:

Section 1.  Increase in the number of Parts to nine:

Manual of Regulations for Banks

I.  Organization, Management and Administration II. Deposit and Borrowing Operations III. Loans, Investments and Special Credits IV. Trust and Other Fiduciary Business and Investment Management Activities V. Foreign Currency Deposit System and Other Operations in Foreign Currency VI. Treasury and Money Market Operations VII. Electronic Banking Services and Information and Technology Operations VIII. Anti-Money Laundering Regulations IX. Other Banking Regulations

MOR for Non- Bank Financial Institutions - Quasi- Banks

I . Organization, Management and Administration II. Deposit Substitutes and Borrowing Operations Ill. Loans, Investments and Special Credits IV. Trust and Other Fiduciary Business and Investment Management Activities V. Foreign Exchange Operations VI. Treasury and Money Market Operation VII. Electronic Services and Information and Technology Operations VIII. Anti-Money Laundering Regulations IX. Other Non-Bank Regulations

Section 2.  Changes in both Sections and Subsections of the MORs are shown in attached Annexes A (MOR-Banks) and B (MORNBFI-Quasi-Banks)

Section 3. This Circular shall take effect fifteen (15) days after publication in the Official Gazette or in the newspaper of general circulation.

FOR THE MONETARY BOARD

AMANDO M. TETANGCO, JR. Governor