From BSP
Memo No. M-2016-04 — Reminder on Sound Risk Management Practices when Dealing with Foreign Exchange Dealers, Money Changers, and Remittance Agents
7 April 2016 TO: All Rural Banks RE: MEMORANDUM No. M-2016-04 – REMINDER ON SOUND RISK MANAGEMENT PRACTICES WHEN DEALING WITH FOREIGN EXCHANGE DEALERS, MONEY CHANGERS AND REMITTANCE AGENTS Dear Rural Bankers, Pursuant to Part 8 of the Manual of Regulations for Banks (MORB), banks dealing with foreign exchange dealers, money changers and remittance agents …
BSP Circular No. 2016-028: Authority of the Insurance Commissioner to Appoint a Conservator or Receiver of Insurance Companies
30 March 2016 TO: All Rural Banks RE: AUTHORITY OF THE INSURANCE COMMISSIONER TO APPOINT A CONSERVATOR OR RECEIVER OF INSURANCE COMPANIES Dear Rural Bankers: The BSP, in a communication, advised all Banks of the authority of the Insurance Commissioner to appoint a conservator or receiver to take charge of, among others, the assets and …
APPROVED APPLICATIONS FOR NEW BANKING OFFICES AND OPENED BANKING OFFICES OF 4Q 2015
30 March 2016 TO: ALL RURAL BANKS RE: APPROVED APPLICATIONS FOR NEW BANKING OFFICES AND OPENED BANKING OFFICES DURING THE 4TH QUARTER OF 2015 Dear Rural Bankers: For information, listed below are the (1) approved applications for new banking offices, and (2) opened banking offices during the last quarter of 2015. I. Approved Applications for …
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BSP Circular No. 2016-024: Credit Consciousness Week
28 March 2016 TO: ALL RURAL BANKS RE: CREDIT CONSCIOUSNESS WEEK Dear Rural Bankers: Pursuant to Proclamation No. 568 dated April 25, 1995 designating April 24 to 30 as Credit Consciousness Week, all banking institutions and their branches are enjoined to undertake during the period such promotional and publicity-generating activities as advertising, window and counter …
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BSP Circular No. 900: Guidelines on Operational Risk Management
20 January 2016 TO: All Rural Banks SUBJECT: CIRCULAR NO. 900 – GUIDELINES ON OPERATIONAL RISK MANAGEMENT Dear Rural Bankers, The Monetary Board in its Resolution No. 2115 dated 18 December 2015, approved the following guidelines on operational risk management for BSP supervised financial institutions and amendments in the Manual of Regulations for Banks (MORB) …
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BSP Circular No. 899: Amendments to the Guidelines on Outsourcing
20 January 2016 TO: All Rural Banks SUBJECT: CIRCULAR NO. 899 – AMENDMENTS TO THE GUIDELINES ON OUTSOURCING Dear Rural Bankers, The Monetary Board in its Resolution No. 2115 dated 18 December 2015, approved the following amendments in the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) on …
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BSP Circular No. 897: Amendment to Regulations on Clean Note and Coin Policy
Dear rural bankers, The Monetary Board, in its Resolution No. 2112 dated 18 December 2015, approved the amendments to the pertinent provisions of the Manual of Regulations for Banks (MORB) relative to the Bangko Sentral’s Clean Note and Coin Policy. Section 1. Subsection X950.5 of the MORB shall be amended to read as follows: X950.5 …
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BSP Memorandum No. M-2015-042: Implementing Guidelines for the Consolidation Program for Rural Banks (CPRB)
The Bangko Sentral ng Pilipinas (BSP), the Philippine Deposit Insurance Corporation (PDIC), and the Land Bank of the Philippines (LBP) have approved the attached lmplementing Guidelines for the CPRB which became effective on 25 August 2015 and shall be available until 25 August 2017 The lmplementing Guidelines set out the eligibility requirements for proponent banks, …
BSP Memorandum No. M-2015-041: Adoption and Implementation of Enhanced Microinsurance Regulatory Framework
To download a copy, please click on this link: m041
BSP Circular No. 891: Sales and Marketing Guidelines for Financial Products
TO: ALL RURAL BANKS RE: SALES AND MARKETING GUIDELINES FOR FINANCIAL PRODUCTS Dear Rural Bankers, The Bangko Sentral ng Pilipinas through its Monetary Board Resolution No. 1811, dated 29 October 2015, approved the following guidelines governing the sales and marketing of financial products, which replaces the sales and marketing guidelines for derivatives under Appendix 26 …
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BSP Memorandum No. M-2015-040: Prohibition Against Disclosure of the Report of Examination (ROE) and the Contents Thereof
TO: ALL RURAL BANKS RE: PROHIBITION AGAINST DISCLOSURE OF THE REPORT OF EXAMINATION (ROE) AND THE CONTENTS THEREOF Dear Rural Bankers, The Bangko Sentral ng Pilipinas (BSP) reminds all BSP-Supervised Financial Institutions (BSFIs) that the ROE is the property of the BSP and is furnished to BSFIs for their use only. Accordingly, BSFIs, their directors …
BSP Circular Letter No. CL-2015-068: Proposed Templates of Articles of Merger and Articles of Consolidation of Banks
TO: ALL RURAL BANKS RE: PROPOSED TEMPLATES OF ARTICLES OF MERGER AND ARTICLES OF CONSOLIDATION OF BANKS Dear Rural Bankers, The Bangko Sentral ng Pilipinas (BSP) has recently issued Circular Letter No. CL-2015-068 with reference to the subject cited above to guide banks intending to merge or consolidate. The central bank has provided templates of …
BSP Memorandum No. M-2015-039: Regulatory Relief for Banks/Non-Bank Financial Institutions with Quasi-Banking Functions (NBQBs) Affected by Typhoon “Lando”
TO: ALL RURAL BANKS RE: REGULATORY RELIEF FOR BANKS/ NON-BANK FINANCIAL INSTITUTIONS WITH QUASI-BANKING FUNCTIONS (NBQBs) AFFECTED BY TYPHOON “LANDO” Dear Rural Bankers, The Bangko Sentral ng Pilipinas (BSP), following the approved resolution of the Monetary Board, have issued a memorandum granting temporary regulatory and rediscounting relief measures to banks/ NBQBs with head offices (HOs) …
BSP Circular No. 888: Amendments to Regulations on Dividend Declaration and Interest Payments on Tier 1 Capital Instruments
Dear Rural Bankers, Pursuant to Monetary Board Resolution No. 1516, wherein the provisions of the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBF) on regulations on dividend declaration were amended. The sections/ subsections of the MORB that were amended are as follows: a. Sec. X136 Dividends “The following …