Senior Citizens Priority Lane in BSP Supervised Financial Institutions

August 8, 2013

BSP CIRCULAR NO. 805-13

 

Pursuant to Monetary Board Resolution No. 1158 dated 11 July 2013, the provisions of the Manual of Regulations for Banks (MORB) on Bank Premises and of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) are hereby amended.

SECTION 1. Subsection X160.11 is hereby inserted in the MORB to read as follows:

"Subsection X160.11. Republic Act No. 9994. — An Act Granting Additional Benefits and Privileges to Senior Citizens, Further Amending Republic Act No. 7432 of 1992 as Amended by Republic Act No. 9257 of 2003. To be able to give full support to the improvement of the total well-being of the elderly and their full participation in society, and to motivate and encourage them to contribute to nation building, senior citizens shall be provided with express lanes in all banking establishments, including all their branches and other offices. If the provision of express lanes is logistically impossible in any particular branch or office of any bank, said branch or office shall ensure that senior citizens are accorded priority service. The provision of express lanes and/or priority service shall be made known to the general public through a clearly written notice prominently displayed in the transaction counters of all banks and/or offices.

SECTION 2. Subsection 4160Q.11 is hereby inserted in the Q Regulations of the MORNBFI to read as follows: SIEHcA

"Subsection 4160Q.11. Republic Act No. 9994. — An Act Granting Additional Benefits and Privileges to Senior Citizens, Further Amending Republic Act No. 7432 of 1992 as Amended by Republic Act No. 9257 of 2003. To be able to give full support to the improvement of the total well-being of the elderly and their full participation in society, and to motivate and encourage them to contribute to nation building, senior citizens shall be provided with express lanes in all quasi-banking establishments, including all their branches and other offices. If the provision of express lanes is logistically impossible in any particular branch or office of any quasi-bank, said branch or office shall ensure that senior citizens are accorded priority service. The provision of express lanes and/or priority service shall be made known to the general public through a clearly written notice prominently displayed in the transaction counters of all quasi-banks and/or offices.

SECTION 3. Subsection 4657S.10 is hereby inserted in the S Regulations of the MORNBFI to read as follows:

"Subsection 4657S.10. Republic Act No. 9994. — An Act Granting Additional Benefits and Privileges to Senior Citizens, Further Amending Republic Act No. 7432 of 1992 as Amended by Republic Act No. 9257 of 2003. To be able to give full support to the improvement of the total well-being of the elderly and their full participation in society, and to motivate and encourage them to contribute to nation building, senior citizens shall be provided with express lanes in all branches and offices of NSSLAs. If the provision of express lanes is logistically impossible in any particular branch or office of any NSSLA, said branch or office shall ensure that senior citizens are accorded priority service. The provision of express lanes and/or priority service shall be made known to the general public through a clearly written notice prominently displayed in the transaction counters of all NSSLA branches and/or offices.

SECTION 4. Section 4658P is hereby inserted in the P Regulations of the MORNBFI to read as follows:

"Section 4658P. Republic Act No. 9994. — An Act Granting Additional Benefits and Privileges to Senior Citizens, Further Amending Republic Act No. 7432 of 1992 as Amended by Republic Act No. 9257 of 2003. To be able to give full support to the improvement of the total well-being of the elderly and their full participation in society, and to motivate and encourage them to contribute to nation building, senior citizens shall be provided with express lanes in all pawnshops, including all their branches and other offices. If the provision of express lanes is logistically impossible in any particular branch or office of any pawnshop, said branch or office shall ensure that senior citizens are accorded priority service. The provision of express lanes and/or priority service shall be made known to the general public through a clearly written notice prominently displayed in the transaction counters of all pawnshop branches and/or offices.

SECTION 5. Section 4158N is hereby inserted in the N Regulations of the MORNBFI to read as follows: DHSCTI

"Section 4158N. Republic Act No. 9994. — An Act Granting Additional Benefits and Privileges to Senior Citizens, Further Amending Republic Act No. 7432 of 1992 as Amended by Republic Act No. 9257 of 2003. To be able to give full support to the improvement of the total well-being of the elderly and their full participation in society, and to motivate and encourage them to contribute to nation building, senior citizens shall be provided with express lanes in all branches and offices of NBFIs. If the provision of express lanes is logistically impossible in any particular branch or office of any NBFI, said branch or office shall ensure that senior citizens are accorded priority service. The provision of express lanes and/or priority service shall be made known to the general public through a clearly written notice prominently displayed in the transaction counters of all NBFI branches and/or offices.

SECTION 6. This Circular shall take effect fifteen (15) days following its publication either in the Official Gazette or in a newspaper of general circulation.

FOR THE MONETARY BOARD:

 

(SGD.) AMANDO M. TETANGCO, JR.Governor