BSP Grants Temporary Regulatory Relief to Banks located in Zamboanga City

The Monetary Board, in its Resolution No. 1551 dated 19 September 2013, approved the grant of the following temporary regulatory relief measures to banks with head offices and branches located in Zamboanga City, affected by armed assault/stand-off which commenced on 09 September 2013:

1. Exclusion of the loans of borrowers in the affected areas, which should have been classified as past due loans under Section X306 of the Manual of Regulations for Banks (MORB) on 09 September 2013 and those becoming past due until 08 November 2013, from computation of past due loan ration: Provided, however, that the banks shall maintain appropriate records on the said loan transactions: Provided, further, that the banks shall pass on such regulatory relief measure to their borrowers; and

2. Non-imposition of monetary penalties for delays in the submission of all supervisory reports due to be submitted from 09 September 2013 until 08 November 2013.

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