PSE Circular for Brokers No. 1854-99
PSE Circular for Brokers No. 1854-99 • Philippine Stock Exchange • Circulars for Brokers • Jul 27, 1999
Full text
July 27, 1999 PSE CIRCULAR FOR BROKERS NO. 1854-99 MS. GRACE DE GUIA Asst. Manager, Disclosure Department Philippine Stock Exchange, Inc. PSE Centre, Exchange Road Ortigas Center, Pasig City Dear Ms. De Guia : We wish to inform your office that in connection with the application of Banco Filipino Savings and Mortgage Bank for unibanking license with the BSP, the Board of the Bank, in its meeting on July 22, 1999, passed upon the following resolution: LLphil "RESOLVED, as it is hereby resolved, that the Management of Banco Filipino is directed to exert all efforts and is hereby authorized to take all necessary actions for the Bank to be able to comply within six (6) months all the requirements in its application for unibanking license with the BSP." Attached is a copy of the BSP letter dated June 28, 1999. Thank you. Very truly yours, ATTY. FRANCISCO A. RIVERA VP & Corporate Secretary June 28, 1999 Mr. Teodoro O. Arcenas, Jr. Chairman & President Banco Filipino Savings and Mortgage Bank 101 Paseo de Roxas Makati City Dear Mr. Arcenas: This refers to your letter dated April 7, 1999 regarding your request for another extension of the deadline set by the Monetary Board under its Resolution No. 449 dated March 25, 1998 of the approval-in-principle of Banco Filipino's application for expanded commercial banking authority. LibLex Please be informed that the Monetary Board, in its Resolution No. 712 dated June 2, 1999, approved the extension for another six (6) months, the approval-in-principle of the Banco Filipino Savings and Mortgage Bank's expanded commercial banking authority under the same conditions set forth under Resolution Nos. 395, 483 and 449 dated April 8, 1997, April 30, 1997 and March 25, 1998, respectively, and subject further to the following additional conditions: "1. The Bank's risk management system has been assessed to be sound and effective which shall be determined in a special examination to be conducted for this purpose, and 2. This second extension of the approval-in-principle shall be valid for six (6) months, after which it shall be automatically revoked unless all of the conditions are met within the said period." Very truly yours, (SGD. ) MA. CORAZON J. GUERRERO Officer-in-Charge
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.