BSP MEMORANDUM, January 10, 2000
SANCTIONS FOR VIOLATION OF P.D. NO. 717 (AGRI-AGRA LAW)
National Administrative Register January 10, 2000
Under its Resolution No. 1684 dated November 19, 1999 the Monetary
Board decided to defer the implementation of administrative sanctions
for non-compliance with agri-agra credit requirement under P.D. No. 717,
as provided under Circular No. 216 dated November 10, 1999, as follows:
Board decided to defer the implementation of administrative sanctions
for non-compliance with agri-agra credit requirement under P.D. No. 717,
as provided under Circular No. 216 dated November 10, 1999, as follows:
1. A warning shall be issued to all banks reported with
violation as of June 30, 1999 to strictly comply with the mandated
credit allocation requirement of P.D. No. 717;
2. Non-monetary sanctions shall be imposed on banks with reported violations as of December 31, 1999; and
3. Monetary sanctions shall be imposed on banks with reported violations as of quarter-end March 31, 2000.
Please be guided accordingly.
Adopted: 11 Jan. 2000
(SGD.) ALBERT V. REYES
Deputy Governor