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 Facility
BSP Circular No. 324-02, issued on March 2, 2002, expands the Rediscounting Facility to include thrift banks as eligible borrowers alongside rural and cooperative banks. This decision, approved by the Monetary Board on January 31, 2002, modifies the previous guidelines set forth in BSP Circular 282, with the exception of the custodian bank requirement. The circular aims to enhance access to microfinance for a broader range of banking institutions. The new provisions take effect immediately.
Law Information
- Reference Number
- BSP Circular No. 324-02
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Banks and Banking
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 2, 2002
BSP CIRCULAR NO. 324-02
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 FACILITY
The Monetary Board, in its Resolution No. 174 dated January 31, 2002, approved the expansion of the coverage of the Rediscounting Facility available to rural and cooperative banks under Bangko Sentral ng Pilipinas (BSP) Circular 282 dated April 19, 2001 to include thrift banks among the eligible borrowers under the BSP microfinance rediscount facility, subject to the implementing guidelines set forth under Circular 282 except for the requirement of a custodian bank under Section 4(f) of the same circular.
This Circular shall take effect immediately.
(SGD.) RAFAEL B. BUENAVENTURAGovernorBangko Sentral ng Pilipinas
Cite This Law
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 Facility, BSP Circular No. 324-02, Mar 2, 2002 (Philippines)
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 Facility, BSP Circular No. 324-02 (Phil. 2002)
Related Laws
- Guidelines Governing the Rediscounting Facility Available to Rural Banks and Cooperative BanksBSP Circular No. 282-01 • Apr 19, 2001 • Other Rules and Procedures
- 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
- Guidelines on the Rediscounting of Medium and Long Term LoansBSP Memorandum No. M-2009-029 • Aug 14, 2009 • 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
- Rules and Regulations on the Mandatory Credit Allocation for Agriculture and Agrarian Reform CreditBSP Circular No. 736-11 • Jul 20, 2011 • Other Rules and Procedures
- Amending the Manual of Regulations for BanksBSP Circular No. 409-03 • Oct 14, 2003 • Other Rules and Procedures
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