September 25, 1972
CBP MEMORANDUM CIRCULAR
TO : All Rural Banks
Attached is a "Memorandum to All Banks, Including Savings and Loan Associations" dated September 24, 1972 which is self-explanatory.
For purposes of clarification, the attached memorandum includes rural banks and therefore, all the guidelines therein equally apply to said banks. digest
(SGD.) AMADO R. BRIÑAS
Deputy Governor
BANGKO SENTRAL NG PILIPINAS
(CENTRAL BANK OF THE PHILIPPINES)
MANILA
MEMORANDUM TO ALL BANKS, INCLUDING SAVINGS AND LOAN ASSOCIATIONS
In line with the request made by the representatives of the Bankers Association of the Philippines and the Savings Bankers Association of the Philippines, please be advised that the Monetary Board has extended authority for the grant of emergency assistance and loans to banks, including savings and loan associations, which on account of their low cash position, may need funds to meet deposit withdrawals in accordance with the following guidelines:
1) The Central Bank will immediately purchase all Central Bank-supported bonds or securities tendered by banks. Such bonds or securities purchased by the Central Bank may be repurchased by the banks concerned within such period of time as may be...
