CBP Circular No. 897-82

October 8, 1982 CBP CIRCULAR NO. 897-82 The Monetary Board, in its Resolution No. 1855 dated October 8, 1982, approved the amendment of Books No. I, II and III of the Manual of Regulations for Banks and Other Financial Intermediaries, as follows: SECTION 1. Item h Sub-item 1) of Subsection 1326.1 of Book I of the Manual is hereby amended, to read as follows: "1) any loan, discount, credit or advance, or portion thereof, referred to in Sec. 1327 which is secured by real estate mortgage; chattel mortgage on tangible assets; standby letters of credit issued by foreign banks excluding Philippine branches of foreign banks; assignment of, of hold-out on, deposits or deposit substitutes maintained in the lending bank; cash margin deposits; or assignment or pledge of government securities or readily marketable bonds and other high-grade debt securities except those issued by the lending entity;" SECTION 2. Item g Sub-item 1) of Subsection 2326.1 of Book II of the Manual is hereby amended, to read as follows: "1) any loan, discount, credit or advance, or portion thereof, referred to in Sec. 2327 which is secured by real estate mortgage; chattel mortgage on tangible assets; standby letters of credit issued by foreign banks excluding Philippine branches of foreign banks; assignment of, or hold-out on, deposits or deposit substitutes maintained in the lending bank; cash margin deposits; or assignment or pledge of government securities or readily marketable bonds and other high-grade debt securities except those issued by the lending entity;" SECTION 3. Item g of Subsection 3326.2 of Book III of the Manual is hereby amended, to read as follows: "g. Secured loan, borrowing, or credit accommodation shall refer to any loan, discount, credit or advance, or portion thereof, referred to in Sec. 3327 which is secured by real estate mortgage; chattel mortgage on tangible assets; standby letters of credit issued by foreign banks excluding Philippine branches of foreign banks; assignment of, or hold-out on, deposits maintained in the lending bank; or assignment or pledge of government securities or readily marketable bonds and other high-grade debt securities except those issued by the lending entity. The same shall also include sales contract receivable arising from sale of real property on credit wherein title to the property is retained by the bank." SECTION 4. This Circular shall take effect immediately. FOR THE MONETARY BOARD: (SGD.) JAIME C. LAYA Governor