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(NAR) VOL. 9 NO. 4 / OCTOBER - DECEMBER 1998

[ BSP CIRCULAR LETTER, September 30, 1998 ]

SUSPENSION OF THE PROCESSING OF BRANCHING APPLICATIONS FOR A PERIOD OF THREE (3) MONTHS FOR ALL THRIFT BANKS AND RURAL BANKS



This is to inform all concerned that the Monetary Board, in its Resolution No. 1365 dated September 23, 1998, approved the suspension of the processing of branching applications for a period of three (3) months for all commercial banks in the meantime that the Supervision and Examination Section (SES) of the Bangko Sentral ng Pilipinas (BSP) is rationalizing/revising the guidelines thereon.

The processing of all applications to establish branches now pending with the BSP will therefore be held in abeyance in the meantime.

Adopted: 30 Sept. 1998

(SGD.) ALBERTO V. REYES
Deputy Governor




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