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Adopted: 22 May 2015
Date Filed: 01 June 2015
The Monetary Board in its Resolution No. 509 dated 27 March 2015 approved the amendments to Subsections X901.1/4901Q.1, X405.1/4405Q.1 and X405.5/4405Q.5 of the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), respectively, relative to the implementation of PERA Act of 2008 and PERA Rules.

Section 1. Subsection X901.1 is hereby amended, as follows:

“X901.1 Annual fees on banks. For purposes of computing the annual fees chargeable against banks, the term “Total Assessable Assets” shall be the amount referred to as the total assets under Section 28 of R. A. No. 7653 (end-of-month total assets per balance sheet, after deducting cash on hand and amounts due from banks, including the BSP and banks abroad), plus Trust Department accounts and   personal   equity   and   retirement   accounts  (PERA)  administered  by  the  bank .

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Section 2. Subsection 4901Q.1 is hereby amended, as follows:

“4901Q.1 Annual fees on quasi-banks. QBs shall contribute to the BSP an annual fee to help defray the cost of maintaining the appropriate department of the SES.

For purposes of computing the annual fees chargeable against QBs, the term Total Assessable Assets shall be the amount referred to as the total assets under Section 28 of R.A. No. 7653 (end-of-quarter total assets per balance sheet, after deducting cash on hand and amounts due from banks, including the BSP and banks abroad) plus trust Department accounts and  personal   equity   and   retirement   accounts   (PERA)   administered   by   the   quasi-­? bank.  

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Section 3. Subsection X405.1/4405Q.1 is hereby amended, as follows:

“Subsection X405.1/4405Q.1 Basic security deposit. A bank/institution authorized to engage in trust and other fiduciary business shall deposit with the BSP eligible government securities as security for the faithful performance of its trust and other fiduciary duties equivalent to at least one percent (1%) of the book value of the total volume of trust, other fiduciary and investment management assets: Provided, That at no time shall such deposit be less than P500,000.

Scripless securities under the Registry of Scripless Securities (RoSS) System of the Bureau of Treasury (BTr) may be used as basic security deposit for trust and other fiduciary duties using the Guidelines enumerated in Appendix 34/Q-21 of this Manual.

The security for the faithful performance of PERA Administrator shall be separately accounted for and calculated as prescribed under Section X960/4960Q and Appendix 34a/Q-­?21a of this Manual.

Section 4. Subsection X405.5/4405Q.5 is hereby amended, as follows:

“X405.5/4405Q.5 Reserves against peso-denominated Common Trust Funds and Trust and Other Fiduciary Accounts – Others

“a.	Reserves against peso-denominated CTFs. In addition to the basic security deposit, a bank/institution authorized to engage in trust and other fiduciary business shall maintain reserves on:
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b.	Reserves against TOFA - Others. In addition to the basic security deposit, banks/institution authorized to engage in trust and other fiduciary business shall maintain reserves on TOFA-Others, except accounts held under (1) Administratorship; (2) Bond Issues/Other Obligations Under Deed of Trust or Mortgage; (3) Custodianship and Safekeeping; (4) Depository and Reorganization; (5) Employee Benefit plans Under Trust; (6) Escrow; (7) Personal Trust (testamentary or living trust); (8) Executorship; (9) Guardianship; (10) Life Insurance Trust; (11) Pre-need Plans (institutional/individual); and ( 12)   Personal   Equity   and  Retirement  Account  (PERA).

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Section 5. Effectivity. This Circular shall take effect fifteen (15) days following its publication in the Official Gazette or in any newspaper of general circulation in the Philippines.

For Monetary Board:

(SGD) AMANDO M. TETANGCO, JR.
Governor