This is to advise all of the recently issued BSP circular, amending Section X319 of the Manual of Regulations for Banks. As stated in this circular, the word “restructuring” should be deleted and the newly amended provision should be read as follows:
“Sec. X319. The grant, renewal, or extension of unsecured loans shall, in addition to the requirements of Sec. X304, be made under the signature of of the principal borrower and at least one c-maker, except that a co-maker is not required when the principal borrower has the financial capacity and a good track record of paying his oblications.”
To secure a copy of this circular, please click the attached link: c760
For your information and guidance.