The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has given final notation of the proposed memorandum of agreement (MOA) with the Philippine Deposit Insurance Corp. (PDIC), signaling the implementation of the P5-billion Strengthening Program for Rural Banks (SPRB).
The memo on the MOA, which was submitted by the BSP Department of Loans and Credit to the Monetary Board last week, has requested final notation to launch the program in the fourth quarter. The MOA was dated August 3.
The guidelines on the grant of regulatory relief under the SPRB, which would form part of the SPRB Implementing Guidelines to be issued by the PDIC, was also noted.
Based on the memo, regulatory relief includes conversion of existing offices of the merging rural banks, condonation of liquidated damages and restructuring of past due loans with the BSP, such as rediscounting and emergency loans.
The approved guidelines specifically noted that rural banks participating in the program may avail of the following eight perks.
*Conversion of the existing head offices, branches and/or extension offices of the merging or consolidating rural banks into head office, branches or extension offices of the merged/consolidated rural bank;
*Relocation/opening of existing/approved but unopened branches, extension offices and/or other banking offices of the merged/consolidated rural bank within two years from date of merger or consolidation, subject to applicable requirements on relocation of branches, extension offices and/or other banking offices;
*Condonation of liquidated damages on past due rediscounting/emergency loans with the BSP and/or monetary penalties for violation of BSP issuances on rediscounting of the eligible rural banks as of the end of the month immediately preceding the date of request for the loan restructuring;
*Restructuring of past due rediscounting/emergency loans of the eligible rural banks with the BSP as of the end of the month immediately preceding the date of request for loan restructuring. (LCC) –Manial Bulletin
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
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Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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