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(NAR) VOL. 5 NO. 2/APRIL-JUNE 1994

[ BSP CIRCULAR NO. 25, s. 1994, June 01, 1994 ]


The Monetary Board, in its Resolution No. 437 dated 13 May 1994 approved the following changes in the reportorial requirements in Appendix S-6 of the Manual of Regulations for Banks and Other Financial Intermediaries, Book IV:

1.         The following reports will no longer be required from NSSLAs with total resources of P10 million or less:

  1. Annual Report of Management to Members; and

  2. Consolidated Annual Financial Statements of NSSLAs and their Allied Undertakings/Affiliates/Subsidiaries supported by individual financial statements of allied undertakings/affiliates/subsidiaries.

2.         The following reports shall be deleted from the list of reports required from NSSLAs:

  1. CBP 7-26-02.2H — Consolidated Report of Investments in Loans and Discounts;

  2. Certification as to the Last Number of Board Resolution Adopted;

  3. Duplicate of Board of Directors Resolutions; and

  4. Information required in Section 4161 N.a (now Section 4161 S.b) as addendum to Information Sheet.

3.         The following reports shall no longer be required from all NSSLAs:

  1. Bio-Data and Information Sheet where no change occurs;

  2. Report on Crimes/Losses when the value does not exceed 0.5% of the NSSLA's net worth or P50,000, whichever is lower; and

  3. Report of Discrepancies of Accounts where the discrepancies do not exceed 1% of the NSSLA's net worth or P100,000, whichever is lower.

The effectivity of this Circular shall be 30 June 1994.

Adopted: 1 June 1994

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