SUSPENSION OF THE PROCESSING OF BRANCHING APPLICATIONS FOR A PERIOD OF THREE (3) MONTHS FOR ALL THRIFT BANKS AND RURAL BANKS
National Administrative Register September 23, 1998 [ BSP CIRCULAR LETTER, September 30, 1998 ]
This is to inform all concerned that the Monetary Board, in its Resolution No. 1365 dated September 23, 1998, approved the suspension of the processing of branching applications for a period of three (3) months for all commercial banks in the meantime that the Supervision and Examination Section (SES) of the Bangko Sentral ng Pilipinas (BSP) is rationalizing/revising the guidelines thereon.
The processing of all applications to establish branches now pending with the BSP will therefore be held in abeyance in the meantime.
Adopted: 30 Sept. 1998
(SGD.) ALBERTO V. REYES
Deputy Governor