October 7, 2015
BSP CIRCULAR NO. 887-15
SUBJECT: Further Amendments to the Regulations on the Approval/Confirmation of the Election/Appointment of Directors/Officers
The Monetary Board in its Resolution No. 1342 dated 20 August 2015, approved the following amendments to the provisions of the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI):
SECTION 1. Subsection X141.2 of the MORB prescribing the minimum qualifications of a director is hereby amended to read as follows:
Subsec. X141.2. Qualifications of a director. —
a. A director shall have the following minimum qualifications:
(1) . . .
(2) . . .
(3) . . .
(4) . . .
An elected director has the burden to prove that he/she possesses all the foregoing minimum qualifications and none of the disqualifications by submitting the documentary requirements listed in Appendix 98. Non-submission of complete documentary requirements within the prescribed period shall be construed as his/her failure to establish his/her qualifications for the position and result in his/her removal from the Board.
The members of the board of directors shall possess the foregoing qualifications for directors...
