Compiled by Dino B. Camba
Cir. No. 313 dated 12.27.01 - Amending MOR by requiring a general provision for loan
losses, as follows: (a) 5% of the outstanding balance of unclassified
restructured loans less the outstanding balance of restructured loans which are
considered non-risk and (b) 1% of the outstanding balance of unclassified loans
other than restructured loans less loans which are considered non-risk. Any excess of the booked general loan loss
provisions over the amount required as a result of the reduction of the amount
required to be set up to 1% shall first be applied to unbooked specific
valuation reserves, whether authorized to be booked on a staggered basis or not
and only the remainder can be considered as income.
Memo to All
Banks dated 01.07.02 - Requiring all
banks to report transactions with terrorist individuals and other organizations
named in the additional US Terrorist Lists dated Dec. 20, 2001 pursuant to Sec.
9(c) in relation to Sec. 3(b) of RA No. 9160 (Anti-Money Laundering Act of
2001) within five (5) working days from occurrence thereof.
Cir. No. 314
dated 01.08.02 - Extending the
effectivity date of Cir. No. 308, series of 2001, from Jan. 1, 2002 to March 1,
2002 which requires any person who brings into or out of the Philippines
foreign currency in excess of US$10,000 or its equivalent, to declare the same
in writing and to furnish information on the source and purpose of such
transport.
Cir. No. 306
(Corrected Copy) dated 01.08.02 - Reissued,
wherein the 4th paragraph of Section 1 of the superseded Circular
No. 306 dated
Cir. No. 315
dated 01.09.02 - Amending Subsection
X341.4.a(1) of the MOR by excluding the deposits of the Bureau of the Treasury
representing revenue collections of the BIR and the Bureau of Customs, from the
loanable funds covered by agri-agra requirements.
Circular
Letter dated 01.10.02 - Advising
banks of MB Res. No. 19 dated
Circular
Letter dated 01.16.02 - Requiring
prior BSP approval of the following: (a) issuance of subordinated debt
instruments qualifying as Tier 2 capital under Circular No. 280 dated
Circular
Letter dated 01.22.02 - Prescribing
the manner of accomplishing the Foreign Currency Declaration Form by any person
who brings into or out of the
Circular
Letter dated 01.23.02 - Informing
banks of the approval by the MB of the conversion of La Union Development Bank
from a thrift bank into a rural bank, to be known as the “LUDB Bank, Inc. (A
Rural Bank)”.
Circular
Letter dated 01.29.02 - Warning banks
of the proliferation of fake bank guarantees, as per Interpol advisory. The advisory urges banks to report
information on bank guarantees bearing the name of JAMAL (JAMAI) ABDUL WAHAB
(WAHAD) HAFEZ or slight variations thereof as the beneficiary.
Cir. No. 316
dated 01.29.02 - Amending Section
X377 of the MOR providing that banks may invest in equities of financial allied
undertakings subject to the limits prescribed under Sec. X378. Banks may invest in equities of financial
institutions catering to small and medium scale industries including venture
capital corporation subject to the provisions under
Sec. X379. In addition, UBs may invest
in insurance companies as financial allied undertakings.
Cir. No. 317
dated 01.29.02 - Amending Section
X380 (Non-Financial Allied Undertakings) of the MOR deleting the conditions
required for the equity investment of UBs in health maintenance organizations
(HMOs).
Cir. No. 318
dated 01.30.02 - Amending Section
3(i) of Circular No. 245 dated
Circular
Letter to All RBs/Coop Banks dated 02.06.02 - Announcing the schedule of courses for rural and
cooperative banks for the year 2002 to be offered by the Bangko Sentral ng
Pilipinas Institute (BSPI).
Cir. No. 319
dated 02.15.02 - Reducing the
liquidity reserve requirement against peso demand, savings, time deposits and
deposit substitute liabilities of Universal Banks (UBs) and Commercial Banks
(KBs) and Non-Bank Financial Intermediaries with quasi-banking functions
(NBQBs), by two (2) percentage points from 9 to 7 percent. The liquidity reserve requirement of rural
and cooperative banks remains at 0%. The
Circular took effect
Cir. No. 320
dated 02.18.02 - Amending Section
X394 of the MOR on the posting of a list of acquired assets within bank
premises, changing the reference to Section 25 of RA 337 (The General Banking
Act) to Section 52 of RA 8791 (the General Banking Law of 2000).
Cir. No. 321
dated 02.19.02 - Deleting item (7) of
Sec. X146 of the MOR and adding Section X147, on the regulation or restriction
on the payment by banks of compensation, allowances, fees, bonuses, stock
options, profit sharing and fringe benefits to their directors and officers to
protect the funds of depositors and creditors.
Memo to All
Banks dated 02.21.02 - Prescribing
the format for the annual certification on compliance with existing anti-money
laundering regulations required under Section 2 of Circular No. 279 dated
Circular
Letter dated 02.22.02 - Advising
banks of the transfer of supervisory and regulatory powers over building and
loan associations (BLAs) from the BSP to the Home Guaranty Corporation (HGC)
effective
Circular
Letter dated 02.28.02 - Informing
banks of the approval by the MB of the conversion of Pangasinan Development
Bank, Inc. from a thrift bank into a rural bank, to be known as the “Bangko
Pangasinan – A Rural Bank, Inc.”.
Memo to All
Banks dated 03.01.02 - Memo to All
Banks and Other Financial Intermediaries Performing Trust, Other Fiduciary
Business and Investment Management Activities dated
Cir. No. 323
dated 03.13.02 - Amending Section
X378 of the MOR imposing new limits on equity investment of a bank in a single
financial allied undertaking.
Cir. No. 324
dated 03.12.02 - Expanding the
coverage of the microfinance rediscounting facility under BSP Circular No. 282
dated
Cir. No. 325
dated 03.12.02 - Extending the
deadline within which directors must attend the special seminar on corporate
governance under Circular No. 296 up to
Circular
Letter dated 03.12.02 - List of
approved applications for new banking offices and new banking offices opened
during the 4th quarter of 2001.
Circular
Letter to All RB/Coop Banks dated 03.13.02 - Setting the guidelines on the disposal and retention of records of
rural/cooperative banks.
Circular
Letter dated 03.18.02 - Informing
banks of the approval by the MB of the conversion of Crown Savings & Loan
Bank, Inc. from a thrift bank into a rural bank, to be known as the “Crown
Bank, Inc. (A Rural Bank)”.
Circular
Letter dated 03.20.02 - Clarification
that during the Holy Week spanning the reserve weeks March 22 – 28, 2002 and
March 29 – April 4, 2002, March 27 – 31, 2002 shall be considered as
non-reserve days. Any reserve deficiency
at the close of
Memo to All
Banks dated 03.21.02 - Requiring all
banks to submit to the Anti-Money Laundering Council covered transaction
reports and suspicious transaction reports involving any individual, group,
organization or entity included in the Terrorist Lists issued by the United
States Government on February 26, 2002 and March 11, 2002, in accordance with
Rules 5 and 9.3 of the Implementing Rules and Regulations of the Anti-Money
Laundering Act and other related or applicable rules and regulations.
Circular
Letter dated 03.25.02 - Informing
banks of the approval of the application of the Bank of China for the
establishment of a branch in the
Circular
Letter dated 03.27.02 - Informing
banks of the approval by the Securities and Exchange Commission (SEC) of the
Articles and Plan of Merger by and among Export and Industry Bank, Inc. and
Urbancorp Investments, Inc. as the absorbed corporations and Urban Bank, Inc.
as the surviving corporation to be renamed “Export and Industry Bank, Inc.”.
Cir. No. 326
dated 04.03.02 - Amending Sec. X602.2
of the MOR requiring prior BSP approval for all derivatives transactions
between banks/NBQBs/FIs and their subsidiaries/affiliates.
Cir. No. 327
dated 04.04.02 - Providing guidelines
to govern the establishment and administration of sinking funds for the
redemption of redeemable private preferred shares. The Circular prescribes reports and the
recording entries on the fund.
Circular
Letter dated 04.05.02 - Approving the
indefinite extension of the one-banking day lag for Cash in Vault (CIV) as a
component of Available Reserves for the purpose of determining compliance with
the minimum reserve requirement.
Circular
Letter dated 04.05.02 - Enjoining
banks, in order to attain the highest awareness and to ensure the successful
observance of Credit Consciousness Week nationwide, to undertake extensively
during the period
Cir. No. 328
dated 04.10.02 - Amending Item “c” of
Subsection X343.2 of the MOR replacing the BSP Accounting Department with the
BSP Comptrollership Department to furnish monthly statements of accounts
against which banks shall reconcile their demand deposit accounts with the BSP.
Cir. No. 329
dated 04.11.02 - Amending Section
2.B.1.d of Cir. No. 247 on loans classified as Loans Especially Mentioned, by
excluding consumer and small and medium enterprises (SME) loans with no latest
income tax returns and/or latest financial statements at the time loans are
granted, under certain conditions.
Circular
Letter 04.16.02 - Amending the Weekly
Report on Required and Available Reserves Against
Deposit Liabilities (WRAR) by including Negotiable Certificate of Time Deposits
(Record No. 187), Long-Term Negotiable Certificate of Time Deposits (Record No.
416) and Others (Record No. 417).
Memo to All
Banks dated 04.18.02 - Advising banks
to dishonor the two (2) lost BSP checks Nos. 0000088440 and 0000087752 in the
name of Marilou B. Abrio should they be presented for encashment or negotiation
and notify the Bangko Sentral ng Pilipinas or the nearest law enforcement
agency.
Circular
Letter dated 04.18.02 - Enjoining
strictly all banks with authority to accept NOW accounts to comply with the
minimum features prescribed under Sec. X225 of the MOR and revising item a to
read “the order of withdrawal form shall have a size of three (3) inches by
seven (7) inches.
Cir. No. 330
dated 04.29.02 - Amending the MOR by
adding Subsec. X393.4 on Real and Other Properties Owned or Acquired (ROPOA)
which provides that ROPOAs shall be considered as part of the compliance with
the required loans to deposit ratio subject to certain conditions.
Cir. No. 331
dated 05.02.02 - Amending Section
X383 of the MOR on other limitations and restrictions regarding equity
investments of banks, as follows: (a) the equity investments of a universal or
commercial bank in any single enterprise shall not exceed at any time 25% of
the bank’s net worth; and (b) the total amount of equity investments of a
commercial bank in equities in all enterprises shall not exceed 35% of its net
worth.
Memo to All
Banks dated 05.08.02 - Requiring all
banks to file with the Anti-Money Laundering Council reports of suspicious and
covered transactions with any individual, group, organization or entity named
in attached Terrorist Lists issued by the United States Government on March 27,
2002 and April 20, 2002, in accordance with Rules 5 and 9.3 of Implementing
Rules and Regulations of the Anti-Money Laundering Act and other related or
applicable rules and regulations, circulars and operating manuals.
Circular
Letter dated 05.10.02 - Informing
banks that updates to Manual of Regulations for Banks for the period January 1,
1999 to December 31, 1999 are now available for sale at PIRSEO.