Loan Collection and Disbursement Points of Microfinance-Oriented Banks and Microfinance/BMBE-Oriented Branches of Banks
BSP Circular No. 669-09, issued on October 22, 2009, amends regulations regarding loan collection and disbursement points (LCDPs) for microfinance-oriented banks and branches serving barangay microbusiness enterprises (BMBEs). It defines "other banking office" to include LCDPs that can accept savings deposits and service withdrawals under specific conditions, such as limiting daily withdrawals to total collections and ensuring adequate internal controls. Account openings and other banking transactions must occur only at designated branches or through ATMs. The Circular takes effect 15 days after publication.
Quick Answers
- What is Loan Collection and Disbursement Points of Microfinance-Oriented Banks and Microfinance/BMBE-Oriented Branches of Banks about?
- BSP Circular No. 669-09, issued on October 22, 2009, amends regulations regarding loan collection and disbursement points (LCDPs) for microfinance-oriented banks and branches serving barangay microbusiness enterprises (BMBEs). It defines "other banking office" to include LCDPs that can accept savings deposits and service withdrawals under specific conditions, such as limiting daily withdrawals to total collections and ensuring adequate internal controls. Account openings and other banking transactions must occur only at designated branches or through ATMs. The Circular takes effect 15 days after publication.
- What type of law is BSP Circular No. 669-09?
- Loan Collection and Disbursement Points of Microfinance-Oriented Banks and Microfinance/BMBE-Oriented Branches of Banks (BSP Circular No. 669-09) is a Philippine Other Rules and Procedures enacted by the Congress of the Philippines.
- When was Loan Collection and Disbursement Points of Microfinance-Oriented Banks and Microfinance/BMBE-Oriented Branches of Banks enacted?
- Loan Collection and Disbursement Points of Microfinance-Oriented Banks and Microfinance/BMBE-Oriented Branches of Banks (BSP Circular No. 669-09) was enacted on Oct 22, 2009.
- What is the citation for Loan Collection and Disbursement Points of Microfinance-Oriented Banks and Microfinance/BMBE-Oriented Branches of Banks?
- Loan Collection and Disbursement Points of Microfinance-Oriented Banks and Microfinance/BMBE-Oriented Branches of Banks, BSP Circular No. 669-09, Oct 22, 2009 (Philippines)
Law Information
- Reference Number
- BSP Circular No. 669-09
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Banks and Banking
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
October 22, 2009
BSP CIRCULAR NO. 669-09
| SUBJECT | : |
Loan Collection and Disbursement Points (LCDPs) of Microfinance-Oriented Banks and Microfinance/Barangay Microbusiness Enterprise (BMBE)-Oriented Branches of Banks
|
The Monetary Board, in its Resolution No. 1422 dated 02 October 2009, approved the amendment of Section X151 of the Manual of Regulations for Banks on the definition of "other banking office" to read as follows: aCASEH
"Other banking office' shall refer to any permanent office or place of business in the Philippines other than the head office, branch or extension office, which primarily engages in banking activities other than the acceptance of deposits and/or servicing of withdrawals thru tellers or other authorized personnel. It shall include loan collection and disbursement points (LCDPs) of microfinance-oriented banks and microfinance/barangay microbusiness enterprise (BMBE)-oriented branches of banks which may accept savings deposits solely from and service withdrawals of existing microfinance/BMBE borrowers, subject to the following conditions:
a. The aggregate amount of withdrawals to be serviced by the LCDP for the day shall be limited to the total collections of the LCDP for the day;
b. The servicing of withdrawals by the LCDP shall apply only to savings deposit accounts not covered by "no passbook withdrawal" system or automated teller machine (ATM) system of the bank; and
c. The bank shall observe adequate internal control procedures to ensure the safety of funds and reliability of financial records and reports, including the required presentation of passbook and the accomplishment of necessary withdrawal slips as provided in Section X214, among others;
Provided, That account openings and other banking transactions of said microfinance/BMBE borrowers shall be done only at the head office/branches/extension offices or thru automated teller machines (ATMs), as may be applicable."
This Circular shall take effect fifteen (15) days following its publication either in the Official Gazette or in a newspaper of general circulation. aCcADT
FOR THE MONETARY BOARD:
(SGD.) AMANDO M. TETANGCO, JR.GovernorBangko Sentral ng Pilipinas
Cite This Law
Loan Collection and Disbursement Points of Microfinance-Oriented Banks and Microfinance/BMBE-Oriented Branches of Banks, BSP Circular No. 669-09, Oct 22, 2009 (Philippines)
Loan Collection and Disbursement Points of Microfinance-Oriented Banks and Microfinance/BMBE-Oriented Branches of Banks, BSP Circular No. 669-09 (Phil. 2009)
Related Laws
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- 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 • 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
- 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 Approval and Provision of Housing MicrofinanceBSP Circular No. 678-10 • Jan 6, 2010 • 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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