November 16, 2012
BSP CIRCULAR NO. 774-12
SUBJECT : Amendments to the Documentary Requirements for Establishing Banks and Acquisition of Significant Ownership of Voting Shares of Stock of Banks
Pursuant to Monetary Board Resolution No. 1701 dated 11 October 2012, the following appendices of the Manual of Regulations for Banks (MORB) are hereby amended:
SECTION 1. Section B of Appendix 37 (Basic Guidelines in Establishing Banks) of the MORB on the application for authority to establish a bank is hereby amended, as follows:
"B. THE APPLICATION
"1. The application for authority to establish a bank shall be accomplished in triplicate. The original copy and duplicate copy shall be submitted to the Central Application and Licensing Group (CALG), SES, BSP. The third copy shall be retained by the organizers.
"2. The required papers/documents and other information in support of the application are, as follows:
"a. . . .
"xxx xxx xxx
"d. Statement of assets and liabilities as of a date not earlier than ninety (90) days prior to the filing of application of each of the subscribers, sworn to by the subscriber himself and...
