January 27, 2014
BSP MEMORANDUM NO. M-2014-003
| TO | : | All Banks and Non-Bank Financial Institutions under BSP Supervision |
| SUBJECT | : | Strengthening Program for Rural Banks (SPRB) Plus |
The Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corporation (PDIC) have approved the following amendments and enhancements to the Strengthening Program for Rural Banks (SPRB) Plus to encourage more mergers, consolidations and acquisition of eligible rural banks (RBs) and thrift banks (TBs) by strategic third party investors (STPIs):
a) Extension of the SPRB Plus until 31 December 2014;
b) Increase in the Program Fund from P5 billion to an amount to be determined by the Philippine Deposit Insurance Corporation (PDIC) and BSP, once the Fund reaches a level where both agencies agree to augment the Fund;
c) Revision of the required ownership control in an Eligible Bank by an Eligible STPI to at least 60% (from at least 67%) of the outstanding capital stock of the Eligible Bank to align with the provisions of Circular No. 809 dated 23 August 2013 on the rules and regulations implementing R.A. No. 10574 (An...
