Amendments to the Rules and Regulations on the Mandatory Credit Allocation for Agriculture and Agrarian Reform Credit

July 18, 2018BSP CIRCULAR NO. 1009-18SUBJECT:Amendments to the Rules and Regulations on the Mandatory Credit Allocation for Agriculture and Agrarian Reform Credit The Monetary Board, in its Resolution No. 2058 dated 07 December 2017, approved the revised rules and regulations governing the mandatory credit allocation for agriculture and agrarian reform credit to implement the provisions of Republic Act (R.A.) No. 10000, The Agri-Agra Reform Credit Act of 2009.SECTION 1. Subsection X341.5 of the Manual of Regulations for Banks (MORB) is hereby amended to implement the provisions of Section 7 of the Implementing Rules and Regulations of R.A. No. 10000."Subsection X341.5. Allowable alternative compliance. — The following alternative modes of compliance to the mandatory agriculture and agrarian reform credit shall be allowed:a. Twenty five percent (25%) mandatory agriculture and agrarian reform credit(1) Eligible securities (gross of allowance for probable losses but net of unamortized premium or discount) that are purchased after 20 April 2010:(a) Investment in bonds issued by the DBP and the LBP that have been expressly declared as eligible by the DA, or by...