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(NAR) VOL. 20 NO.2 / APRIL - JUNE 2009
[ BSP CIRCULAR NO. 655, SERIES OF 2009, May 12, 2009 ]
ONE YEAR SUSPENSION OF REQUIREMENT ON THE USE OF AFS AUDITED BY ACCREDITED EXTERNAL AUDITORS FOR BANK’S INTERNAL CREDIT RATING SYSTEM
The Monetary Board, in its Resolution No. 654 dated 30 April 2009
approved the one year suspension of the requirement under Subsection
1301.1d(6) of the Manual of Regulations for Banks (MORB) on the use of
audited financial statements (AFS) audited by external auditors
accredited/selected by the Securities and Exchange Commission (SEC), the
BSP or the Insurance Commission (IC) in rating corporate borrowers
with total assets of more than P15 million for the bank’s internal
credit rating system purposes.
This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation.
Adopted: 12 May 2009
FOR THE MONETARY BOARD:
(SGD.) AMANDO M. TETANGCO, JR.
Governor