To all member rural banks and partners, please be informed of the amendments to the provisions of Section X151 of the Manual of Regulations for Banks, pursuant to Monetary Board Resolution No. 793. These amendments are specifically on Subsections X151.4, X151.5, XI51.7 and X151.8.
In a nutshell, the amendments on Subsection X151.4 state the removal on the limit set on the number of branches allowed to be applied by a bank for establishment at any time; for subsection XI51.5, the new guideline stipulates that the total processing fee shall be immediately charged against the demand deposits of banks with the BSP and in no case shall be staggered payment be allowed.
As for XI51.7, the date of opening of approved branches shall be extended from 1 to 3 years from the date of approval; Subsection X151.8 meanwhile is on the rationalization of the requirements for opening of approved branch/OBO.
To view the full BSP circular, we highly encourage all to download attached pdf clicking the link: c759.