(NAR) VOL. 15 NOS. 3-4 / OCTOBER - DECEMBER 2004
- All financing companies with Head Office in locations which require a lower minimum capital maintaining or proposing to maintain Branch Office/s in locations which require a higher minimum capital shall have a minimum paid-up capital corresponding to that of higher capitalized locations. This is in addition to the required additional capital for the Branch Office;
- All existing financing companies affected by the above provision including those which submitted an undertaking to build up their capital shall submit a program of capital build-up within fifteen (15) days from the effectivity of this Circular;
- The program of capital build up to be submitted shall be as follows:
No. of Years to Build up First Year Second Year Third Year 3 20% 30% 50% 2 50% 50% 1 100% (50%/6 mos.) - A proof of compliance with the paid-up capital consisting of a certification under oath by the Treasurer for every indicated period shall be submitted not later than thirty (30) days following the indicated date;
- Failure to comply with the aforesaid program shall be subject to a basic penalty of Php10,000.00 plus Php100.00 for every day of delay