Amendments to Item C.3e of Circular No. 1369, Series of 1992

CIRCULAR NO. 132 Series of 1997

The Monetary Board, in response to representations made by some thrift and rural banks, and consistent with its policy thrust to provide adequate facilities for banks in general, and rural banks in particular, allowed thrift banks operating normally, have complied with the minimum capital required of commercial banks, and are direct participants in clearing with the Bangko Sentral ng Pilipinas/Philippine/Clearing House Corporation, to be designated and act as clearing banks for rural/cooperative banks.

Item C.3e of Circular No. 1369, Series of 1992 is therefore amended to read as follows:

"That it has appointed a commercial bank, or a normally operating thrift bank which is a direct participant in clearing with the Philippine Clearing House Corporation/Bangko Sentral ng Pilipinas and has complied with the minimum capital required for commercial banks, thru which it shall participate in the check clearing system".

This Circular shall take effect immediately.

FOR THE MONETARY BOARD:

GABRIEL C. SINGSON Governor