Amendments to Section X269 and Subsection X269.5 and X269.6 of the Manual of Regulations for Banks (MORB)

BANoKo SeNrnIL NO PIUIPINAS OFFICE OF THE GOVERNOR crRcuLAR NO.g54 Series of 2OL7 Subject: Amendments to Section X269 and Subsections X269.5 and X259.6 of the Manual of Regulations for Banks (MORBI The Monetary Board, in its Resolution No. 882 dated 01 June 20L7, approved the amendments to Section X269 and Subsections X269.5 and X269.6 of the MORB to reflect the termination of sunset provision in favor of thrift banks, rural banks, and cooperative banks resulting in a unified rediscount window for all types of banks. Section 1. Section X259 of the MORB shall be amended to read as follows: "Sec. X269 Rediscounting Availments. Banks may avail of the rediscounting facility under a unified rediscounting window. They shall enroll in the Electronic Rediscounting System (eRS) by executing and submitting to the Department of Loans and Credit a notarized Electronic Rediscounting System Participation Agreement before availing of the rediscounting facility of the Bangko Sentral." Section 2. Subsections X269.5 and X269.6 of the MORB shall be amended to reflect a unified rediscount window, retaining only the provisions of Rediscounting Window l, as follows: '9 X269.5 Moturities. The maturities of Bangko Sentral rediscounts are as follows: 180 days from date of rediscount but shall not go beyond the maturity date of the credit instrument 5) Export Bills Fifteen (15) days from date of purchase Term of draft but not to exceed sixty (50) days from shipment date 180 days from date of rediscount but shall not go beyond the maturity date of the promissory note (PN). Renewable, not to exceed 180 d 180 days from date of rediscount but shall not go beyond the maturity date of the PN (renewable on the type of credit). A. Mabirri St., Mdlilt* 10fi4 Maniia, Pltilippines'((:3?l 7*fi77Ci . www.bsp.ilsv.itlt, bspr-"t,ril($hsp.1tov.plt

9 X269.5 Rediscount/Lending rotes ond liquidated damoges. The rediscount rates for peso, dollar and yen loans shall be as follows: a. Peso Rediscount Bangko Sentral overnight {O/N) lending rate Sentral O/N lending rate + 0.0625 Sentral O/N lending rate + 0.1250 xxx" Section 3. Effectivity. This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation. FOR THE MONETARY BOARD: I il*;3#,, Officer-inlCharge LJtune 2ott