May 4, 2017
BSP CIRCULAR NO. 960-17
| SUBJECT | : | Investment in Readily Marketable Bonds and Other Debt Securities |
Pursuant to Monetary Board Resolution No. 623 dated 11 April 2017, allowing rural and cooperative banks to invest in readily marketable bonds and other debt securities without prior Bangko Sentral approval subject to compliance with certain requirements, the following provisions of the Manual of Regulations for Banks (MORB) are hereby amended.
SECTION 1. Section X101 of the MORB on classifications, powers, and scope of authorities of bank is hereby amended to read as follows:
"Section X101. Classifications, Powers and Scope of Authorities of Banks. — The following are the classifications, powers and scope of authorities of banks, as well as the pre-requisites for the grant of banking authorities:
a. Classification of banks. xxx
xxx xxx xxx
b. Powers and scope of authorities. The following are the powers and scope of authorities of banks.
(1) Universal Banks (UBs). xxx
xxx xxx xxx
(2) xxx
xxx xxx xxx
(3) Thrift Banks (TBs). xxx
xxx xxx xxx
(4) Rural Banks (RBs).
(a) xxx
(b) xxx
(c) xxx
(d) xxx
(e) xxx
(f) acquire readily marketable bonds and other debt securities;
(g)...
