Amendment to R.A. No. 337 (General Banking Act)
Republic Act No. 4910, approved on June 17, 1967, amends Section 27 of the General Banking Act (Republic Act No. 337). The amendment allows commercial banks in the Philippines to establish branches both domestically and internationally with prior approval from the Monetary Board, holding them accountable for all business conducted at these branches. Additionally, it sets a maximum operational time of eight hours per day for banks and their branches, which must be reported to the Monetary Board. The act treats a bank and its branches as a single unit for regulatory purposes and took effect upon its approval.
June 17, 1967
REPUBLIC ACT NO. 4910
AN ACT AMENDING SECTION TWENTY-SEVEN OF REPUBLIC ACT NUMBERED THREE HUNDRED THIRTY-SEVEN, OTHERWISE KNOWN AS THE GENERAL BANKING ACT
SECTION 1. Section twenty-seven of Republic Act Numbered three hundred thirty-seven, otherwise known as the General Banking Act, is hereby amended to read as follows:
"Sec. 27. Any commercial bank organized under the laws of the Philippines may, with the prior approval of the Monetary Board, establish branches in the Philippines or branches and agencies outside the Philippines, and the bank shall be responsible for all business conducted in such branches to the same extent and in the same manner as though such business had all been conducted in the head office. The hours and times during which all types of banks with their branches and extension offices are to conduct and transact their business shall not exceed eight hours a day to be selected by the banking institution concerned between eight o'clock in the morning to eight o'clock in the evening, which time shall be reported to the Monetary Board.
"For the purposes of this Act, a bank and its branches shall be treated as a unit."
SECTION 2. This Act shall take effect upon its approval.
Approved: June 17, 1967
Published in the Official Gazette, Vol. 65, No. 7, p. 1532 on February 17, 1969