August 23, 2013
BSP CIRCULAR NO. 809-13
| SUBJECT | : | Amendments to Relevant Provisions of the Manual of Regulations for Banks Implementing R.A. No. 10574 |
Pursuant to Monetary Board Resolution No. 1394 dated 22 August 2013 providing for the rules and regulations to implement Republic Act No. 10574 (An Act Allowing the Infusion of Foreign Equity in the Capital of Rural Banks, Amending Republic Act No. 7353, Otherwise Known as "The Rural Banks Act of 1992"), the following provisions of the Manual of Regulations for Banks (MORB) are hereby amended, as follows:
Policy Statement. The BSP supports the objectives of Republic Act No. 10574 (An Act Allowing the Infusion of Foreign Equity in the Capital of Rural Banks, Amending Republic Act No. 7353, Otherwise Known as The Rural Banks Act of 1992, as Amended, and for Other Purposes) to allow entry of foreign equity into our rural bank system to revitalize the rural banking industry and improve access of banking services to the rural areas in the country.
SECTION 1. Subsection X105.3 of the MORB on the guidelines for selection...
