On Micro-Finance Oriented Banks
BSP Circular No. 365-03, issued on January 16, 2003, amends guidelines for micro-finance oriented banks. It stipulates that such banks must have been profitable for at least one year or demonstrate projected profitability by their third year of operation. Additionally, at the time of application, these banks must maintain a risk-based capital adequacy ratio of no less than 12% and meet the required minimum capital requirements. The circular is effective immediately.
Law Information
- Reference Number
- BSP Circular No. 365-03
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Banks and Banking
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
January 16, 2003
BSP CIRCULAR NO. 365-03
ON MICRO-FINANCE ORIENTED BANKS
Pursuant to Monetary Board Resolution No. 1822 dated 12 December 2002, Section 3(e) of Circular No. 340 dated 30 July 2002 is hereby amended to read as follows:
"e. For micro-finance oriented banks
i. Has been in profitable operation for at least (1) year, or in the case of newly established banks, the submitted projection showed that profitability will be attained on the third year of operations, at the latest: Provided, That at the time of filing the application, the bank's risk-based capital adequacy ratio is not lower than twelve percent (12%) and the required minimum capital requirement has been complied with."
This Circular shall take effect immediately.
FOR THE MONETARY BOARD
(SGD.) RAFAEL B. BUENAVENTURAGovernorBangko Sentral ng Pilipinas
Cite This Law
On Micro-Finance Oriented Banks, BSP Circular No. 365-03, Feb 16, 2003 (Philippines)
On Micro-Finance Oriented Banks, BSP Circular No. 365-03 (Phil. 2003)
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