Conversion of Dungganon Bank, Inc. from a Microfinance-Oriented Thrift Bank into a Microfinance-Oriented Rural Bank to be Known as Dungganon Bank, Inc.
On March 24, 2017, the Bangko Sentral ng Pilipinas (BSP) issued Circular Letter No. CL-2017-020, informing all BSP-supervised financial institutions about the conversion of Dungganon Bank from a microfinance-oriented thrift bank to a microfinance-oriented rural bank. This conversion was officially registered with the Securities and Exchange Commission on October 13, 2016, and the BSP granted the necessary Certificate of Authority to Operate on November 22, 2016. Dungganon Bank began its operations as a microfinance-oriented rural bank on January 1, 2017. The circular serves to provide information and guidance regarding this transition.
Law Information
- Reference Number
- BSP Circular Letter No. CL-2017-020
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Banks and Banking
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 24, 2017
BSP CIRCULAR LETTER NO. CL-2017-020
| TO | : | All BSP Supervised Financial Institutions and BSP Supervised Non-Bank Financial Institutions |
| SUBJECT | : | Conversion of Dungganon Bank (A Microfinance Thrift Bank), Inc. from a Microfinance-Oriented Thrift Bank into a Microfinance-Oriented Rural Bank to be Known as Dungganon Bank (A Microfinance Rural Bank), Inc. |
The Securities and Exchange Commission registered on 13 October 2016 the conversion of Dungganon Bank (A Microfinance Thrift Bank), Inc. into a microfinance-oriented rural bank to be known as Dungganon Bank (A Microfinance Rural Bank), Inc.
The corresponding Certificate of Authority to Operate as a microfinance-oriented rural bank was issued by the Bangko Sentral ng Pilipinas on 22 November 2016. The Bank started to operate as a microfinance-oriented rural bank on 1 January 2017.
For information and guidance.
(SGD.) CHUCHI G. FONACIER
Sector-in-Charge
Cite This Law
Conversion of Dungganon Bank, Inc. from a Microfinance-Oriented Thrift Bank into a Microfinance-Oriented Rural Bank to be Known as Dungganon Bank, Inc., BSP Circular Letter No. CL-2017-020, Mar 24, 2017 (Philippines)
Conversion of Dungganon Bank, Inc. from a Microfinance-Oriented Thrift Bank into a Microfinance-Oriented Rural Bank to be Known as Dungganon Bank, Inc., BSP Circular Letter No. CL-2017-020 (Phil. 2017)
Related Laws
- Rules and Regulations for the Establishment of Branches/LCDPs of Microfinance-Oriented/Non-Microfinance-Oriented BanksBSP Circular No. 340-02 • Jul 30, 2002 • Other Rules and Procedures
- Implementing Guidelines of the PCFC Expanded Agricultural Microfinance Program (AMP)Joint DBM-PCFC Circular No. 01-14 • Nov 12, 2014 • Other Rules and Procedures
- Loan Collection and Disbursement Points of Microfinance-Oriented Banks and Microfinance/BMBE-Oriented Branches of BanksBSP Circular No. 669-09 • Oct 22, 2009 • Other Rules and Procedures
- Approved Applications for New Banking Offices and Opened Banking Offices during the 4th Quarter of 2016BSP Circular Letter No. CL-2017-019 • Mar 21, 2017 • Other Rules and Procedures
- Expansion of the Coverage of the Rediscounting Facility Available to Rural and Cooperative Banks to Include Thrift Banks Among the Eligible Borrowers Under the BSP Microfinance Rediscount FacilityBSP Circular No. 324-02 • Mar 2, 2002 • Other Rules and Procedures
- Guidelines on the Classification of a Bank as a "Complex" Bank for Regulatory PurposesBSP Memorandum No. M-2013-035 • Jul 30, 2013 • Other Rules and Procedures
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