RE: CAPITAL ACCOUNTS OF P250M AMENDMENTS TO MANUAL REGULATIONS FOR BANKS AND OTHER FINANCIAL INTERMEDIARIES
National Administrative Register March 4, 1994 [ BSP CIRCULAR NO. 17-94, March 11, 1994 ]
The Monetary Board, in its Resolution No. 208 dated March 4, 1994, approved the amendments to the Manual of Regulations for Banks and Other Financial Intermediaries, as follows:
SECTION 1. Item (a) of Subsection 1289.4 (Book I) of the Manual of Regulations is hereby amended to read as follows:
“a. combined capital accounts of at least P250 million.”
SECTION 2. Item (a) of Subsection 2289.4 (Book II) of the Manual of Regulations is hereby amended to read as follows:
“a. combined capital accounts of at least P250 million: Provided, that banks already authorized to perform quasi-banking functions shall have until December 31, 1995 within which to meet the minimum capital required and shall submit a capital build-up program with semestral targets by June 30, 1994.”
This Circular shall take effect immediately.
Adopted: 11 Mar. 1994
(SGD.) GABRIEL C. SINGSON
Governor
Governor