Professional Documents
Culture Documents
Credit Policy of DOSRI
Credit Policy of DOSRI
1. Individual Ceiling:
E. Computation of Ceiling:
1. Individual Ceiling:
a. All lending units of the Bank shall provide the MIS Division of
the Controllership Segment with the outstanding balances of
deposits which are not subject of an assignment or hold-out
agreement of all direct DOSRI borrowers on or before Monday
after end of each reference week. Lending and Operating units
are to ensure that computation of DOSRI ceilings are within the
context of the definition given for secured and unsecured loans
(Section X326.1 of the BSP – MOR for Banks).
2. The Central Liability Unit shall establish a numbering system for all
clearances.
3. The Central Liability Unit must promptly return the request form
duly indicating the approval or disapproval of the request to the
originating unit. The specific request for clearance received and
cleared by the CLU is to be earmarked against the available limit
and cannot be utilized for other later requests until the loan is
partially or fully liquidated.
I. The clearance by the Central Liability Unit (CLU) does not operate as
credit approval. The usual credit process and routine have to be
followed.
BSP Circular # 170 also clarifies that if the borrower is a related interest
but not the director, officer or stockholder himself, he is not required to
waive the secrecy of his bank deposits.
The borrower shall be required to fill up the waiver form (Attachment IV),
if applicable. The transaction medium cannot be chopped “Documentation
In Order” if this documentation requirement is not complied with.
A. Submitted Weekly:
B. Submitted Semi-Annually:
PARENTS PARENTS-IN-LAW
FATHER SPOUSE
(original signed)
M. U. FRANCISCO
Series # 2002-025
Filename: CP25.doc
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_____________________ ___________________
Account Officer Division Head
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____________________________
CLU Authorized Signatory
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Please be advised that subject’s request for clearance under Clearance No.
__________ in the amount of PhP __________________ has been
Cancelled on _______________________
Reduced to _______________________
__________________________
Account Officer
__________________________
Division Head
Excerpt from
CIRCULAR NO. 170
Series of 1998
Pursuant to the Monetary Board Resolution Nos. 832 and 1098 dated June 10,
1998 and August 5, 1998 respectively, the following clarifications and
illustrations are hereby issued relative to Section 26 of Republic Act No. 7653:
Section 1
All banks and the directors, officers & stockholders shall continue to comply with
Section 26 of Republic Act No. 7653, which provides, thus:
a. His bank; or
b. From a bank:
Section 3
In the paragraph above, the director, officer or any stockholder should himself be
the borrower or recipient of the loan or financial accommodation. Thus, if
borrower is the related interest but not the director, officer or stockholder
Section 5
Section 6
Holding Company
Y Bank Z Bank
(Subsidiary) (Subsidiary)
Thus, if Mr. A, who is a director of Z Bank borrows from Y Bank, he should waive
the secrecy of deposits of whatever nature in all banks in the Philippines since
both Y Bank and Z Bank are subsidiaries of X Holding Company.
Bank Y
Owner B
49%
Owner A
51%
Bank Z
Owner A
49%
Owner B
51%
The term “controlling interest” means ownership of more than 50% of the voting
stock or subscribed capital stock of the bank. In the illustration above, the
controlling shares in both banks belong to the “same interest”, Owner A. The
term “same interest” as used herein shall refer to any of the following:
Thus, if Mr. B, who is a director of Bank Z borrows from Bank Y, Mr. B should
waive the secrecy of his deposits of whatever nature in all banks in the
Philippines since the controlling shares in both banks belong to the “same
interest”.
Section 8
GABRIEL SINGSON
Governor
(Date)
Gentlemen:
The waiver shall be deemed automatically revoked upon full payment of the
Loans.
Thank you.
________________________
DEGREE OF CONSANGUINITY
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AUNTS/UNCLES
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