Subject: Guidelines on Salary-Based General-Purpose Consumption loans
The Monetary Board, in its Resolution No. 1380 dated 27 August 2015, approved the guidelines on salary-based general-purpose consumption loans, as well as the amendments of certain provisions in the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions
Section 1. Section X321 of the MORB and Section 43375 of the MORNBFI including their respective subsections shall now read as:
“9x32V943375 Policies on Salary-Based General-Purpose Consumption loans.
“Section X327/43375 Stotement of Policy. The Bangko Sentral recognizes the helpful role of salary-based, consumer lending schemes in allowing an individual borrower to manage his/her cash flows provided these are granted under sound credit standards and fair consumer practices. The BSP likewise encourages competition and transparency to promote efficient and innovative delivery of financial services and fair dealing with customers.
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