Pursuant to Monetary Board Resolution No. 1578 dated 21 December 2006, the Manual of Regulations for Banks (MORB) is hereby amended, as follows:
SECTION 1. Subsec. X169.11 Other banking services for subsidiaries, affiliates and related companies of the MORB is hereby amended to read, as follows:
“A bank may be authorized, upon prior Monetary Board approval, to render the following services in favor of subsidiaries, affiliates and companies related to it by at least 5% common ownership:
x x x
o. Procurement;
p. Records coordination; and
q. Mailroom and general services subject to the following conditions:
x x x”
SECTION 2. The foregoing amendments shall likewise apply to corresponding provisions in the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).
This Circular shall take effect fifteen (15) days after publication in the Official Gazette or in a newspaper of general circulation.
Adopted: 12 Jan. 2007
For the Monetary Board:
(SGD.) AMANDO M. TETANGCO, JR.
Governor
