Due to the problems applicants are currently encountering with respect to compliance with requirement No. 4 of Memorandum Circular No. 90-002 and pending discussion of the said requirement with the Insurance Commission, the applicant, for the time being and until further notice, may either submit proofs of financial capacity ( TCT's bank books, ITR's, Sworn Statement of Assets and Liabilities, etc.) or the insurance coverage as required in No. 4 of MC 90-002.

This Memorandum Circular takes effect immediately.

Adopted: 6 March 1990

(SGD.) REMEDIOS A. SALAZAR-FERNANDO Chairman
(SGD.) DANTE M. LANTIN Board Member	(SGD.) NICOLAS B. ACACIO. JR. Assistant Secretary/ and Acting Board Member