(NAR) VOL. 19 NO. 1 / JANUARY - MARCH 2008
"2. Loans granted to Philippine branches of foreign banks to subsidiaries and affiliates in the Philippines of multinational companies which are covered by standby letters of credit (Standby LC) issued by the bank Head' Offices in favor of their local branches, and are current in status: Provided, That the foreign bank is rated at least "AA-" or its equivalent by a BSP-recognized international credit assessment agency based on the guidelines for the use of third party credit assessments as provided in Part III.C of Circular No. 538 dated 4 August 2006: Provided, further, That the Standby LC is direct, explicit, irrevocable and unconditional."SECTION 2. This Circular shall take effect fifteen (15) days after its publication either in the Official Gazette or in a newspaper of general circulation.