Report on the Designation of Authorized Signatories of Bank's Reports

MEMORANDUM Series of 2005

TO:       All Rural and Cooperative Banks

Pursuant to Subsection X162.1 of the Manual of Regulations for Banks (MORB), the Report on the Designation of Authorized Signatories of Bank's Reports classified as Category A-1, A-2, A-3 and B (i) shall be included in Appendix 6-C, Reports Required of Banks (Rural and Cooperative Banks) of the Manual and (ii) shall be submitted to the appropriate supervising and examining department of the BSP with frequency, within the period and according to the procedure indicated therein.

Accordingly, rural and cooperative banks are required to submit the Authorized Signatories of their banks using the attached form (Annex "A") to the Supervision and Examination Department IV not later than August 31, 2003.

Any designation/change of signatory/ies thereafter shall be reported/submitted using attached form (Annex "B") within three banking days from the date the designation/change occurs.

As A Category B Report, the applicable penalty for delayed/unsubmitted/erroneous/incomplete report shall be P60.00 per business day of default as prescribed under Subsection X162.2 of the MORB.

ALBERTO V. REYES Deputy  Governor