1Ŧ Govern|ng Laws
8ŦAŦ noŦ 8791Ŵ Ceneral 8anklng Law of 2000 (C8L)
8ŦAŦ noŦ 337Ŵ Ceneral 8anklng AcL
8ŦAŦ noŦ 7633Ŵ new CenLral 8ank acL (nC8A)
Ŧ anks Def|n|t|on
SLC1ICN 3Ŧ Def|n|t|on and C|ass|f|cat|on of anksŦ Ÿ
3Ŧ1Ŧ ƍ8anksƍ shall refer Lo enLlLles engaged ln Lhe lendlng of funds obLalned ln Lhe form of deposlLsŦ
SLC1ICN 8Ŧ Crgan|zat|onŦ Ÿ 1he MoneLary 8oard may auLhorlze Lhe organlzaLlon of a bank or quaslŴbank sub[ecL Lo
Lhe followlng condlLlonsť
8Ŧ1Ŧ 1haL Lhe enLlLy ls a sLock corporaLlon (7)Ť
8Ŧ2Ŧ 1haL lLs funds are obLalned from Lhe publlcţ whlch shall mean LwenLy (20) or more persons (2Ŵua)Ť and
8Ŧ3Ŧ 1haL Lhe mlnlmum caplLal requlremenLs prescrlbed by Lhe MoneLary 8oard for each caLegory of banks are saLlsfledŦ
no new commerclal bank shall be esLabllshed wlLhln Lhree (3) years from Lhe effecLlvlLy of Lhls AcLŦ ln Lhe exerclse of Lhe
auLhorlLy granLed herelnţ Lhe MoneLary 8oard shall Lake lnLo conslderaLlon Lhelr capablllLy ln Lerms of Lhelr flnanclal
resources and Lechnlcal experLlse and lnLegrlLyŦ 1he bank llcenslng process shall lncorporaLe an assessmenL of Lhe
bankƌs ownershlp sLrucLureţ dlrecLors and senlor managemenLţ lLs operaLlng plan and lnLernal conLrols as well as lLs
pro[ecLed flnanclal condlLlon and caplLal baseŦ
CASLSť kepub||c vs Secur|tyŧ
karp vs nar|em
1eodoro vs As|a
Ana Mar|a vs teodoro

SLC1ICN 4Ŧ Superv|sory ÞowersŦ
1he 8angko SenLral shall also have supervlslon over Lhe operaLlons of and exerclse regulaLory powers over quaslŴbanksţ
LrusL enLlLles and oLher flnanclal lnsLlLuLlons whlch under speclal laws are sub[ecL Lo 8angko SenLral supervlslonŦ (2ŴCa)
lor Lhe purposes of Lhls AcLţ ƍquaslŴbanksƍ shall refer Lo enLlLles engaged ln Lhe borrowlng of funds Lhrough Lhe
lssuanceţ endorsemenL or asslgnmenL wlLh recourse or accepLance of deposlL subsLlLuLes as deflned ln SecLlon 93 of
8epubllc AcL noŦ 7633 (hereafLer Lhe ƍnew CenLral 8ank AcLƍ) for purposes of relendlng or purchaslng of recelvables
and oLher obllgaLlonsŦ (2Ŵua)
Sect|on 9SŦ uefinition of ueposit 5ubstitutesŦ Ÿ 1he Lerm ƍdeposlL subsLlLuLesƍ ls deflned as an alLernaLlve form of
obLalnlng funds from Lhe publlcţ oLher Lhan deposlLsţ Lhrough Lhe lssuanceţ endorsemenLţ or accepLance of debL
lnsLrumenLs for Lhe borrowerƌs own accounLţ for Lhe purpose of relendlng or purchaslng of recelvables and oLher
obllgaLlonsŦ 1hese lnsLrumenLs may lncludeţ buL need noL be llmlLed Loţ bankers accepLancesţ promlssory noLesţ
parLlclpaLlonsţ cerLlflcaLes of asslgnmenL and slmllar lnsLrumenLs wlLh recourseţ and repurchase agreemenLsŦ 1he
MoneLary 8oard shall deLermlne whaL speclflc lnsLrumenLs shall be consldered as deposlL subsLlLuLes for Lhe purposes of
SecLlon 94 of Lhls AcLť ltovlJeJţ bowevetţ 1haL deposlL subsLlLuLes of commerclalţ lndusLrlal and oLher nonŴflnanclal
companles for Lhe llmlLed purpose of flnanclng Lhelr own needs or Lhe needs of Lhelr agenLs or dealers shall noL be
covered by Lhe provlslons of SecLlon 94 of Lhls AcLŦ
3Ŧ Nature of us|ness
Centra| ank vs CA

D|||gence requ|red
S|mex vs CA
Gregor|o vs Ca
C|t|bank vs CA
C|t|bank vs CA
Metropo||tan ank vs 1an
So|| dbank vs 1an

Str|kes and |ockouts
SLC1ICN Ŧ Str|kes and LockoutsŦ Ÿ 1he banklng lndusLry ls hereby declared as lndlspensable Lo Lhe naLlonal lnLeresL
andţ noL wlLhsLandlng Lhe provlslons of any law Lo Lhe conLraryţ any sLrlke or lockouL lnvolvlng banksţ lf unseLLled afLer
seven (7) calendar days shall be reporLed by Lhe 8angko SenLral Lo Lhe SecreLary of Labor who may assume [urlsdlcLlon
over Lhe dlspuLe or declde lL or cerLlfy Lhe same Lo Lhe naLlonal Labor 8elaLlons Commlsslon for compulsory arblLraLlonŦ
Poweverţ Lhe ÞresldenL of Lhe Þhlllpplnes may aL any Llme lnLervene and assume [urlsdlcLlon over such labor dlspuLe ln
order Lo seLLle or LermlnaLe Lhe sameŦ (6ŴL)
4Ŧ Cperat|on Author|ty
SecŦ 17Ŧ Grounds when art|c|es of |ncorporat|on or amendment may be re[ected or d|sapprovedŦ Ŵ 1he SecurlLles and
Lxchange Commlsslon may re[ecL Lhe arLlcles of lncorporaLlon or dlsapprove any amendmenL LhereLo lf Lhe same ls noL
ln compllance wlLh Lhe requlremenLs of Lhls Codeť Þrovldedţ 1haL Lhe Commlsslon shall glve Lhe lncorporaLors a
reasonable Llme wlLhln whlch Lo correcL or modlfy Lhe ob[ecLlonable porLlons of Lhe arLlcles or amendmenLŦ 1he
followlng are grounds for such re[ecLlon or dlsapprovalť

1Ŧ 1haL Lhe arLlcles of lncorporaLlon or any amendmenL LhereLo ls noL subsLanLlally ln accordance wlLh Lhe form
prescrlbed herelnŤ
2Ŧ 1haL Lhe purpose or purposes of Lhe corporaLlon are paLenLly unconsLlLuLlonalţ lllegalţ lmmoralţ or conLrary Lo
governmenL rules and regulaLlonsŤ

3Ŧ 1haL Lhe 1reasurerƌs AffldavlL concernlng Lhe amounL of caplLal sLock subscrlbed and/or pald lf falseŤ

4Ŧ 1haL Lhe percenLage of ownershlp of Lhe caplLal sLock Lo be owned by clLlzens of Lhe Þhlllpplnes has noL been
complled wlLh as requlred by exlsLlng laws or Lhe ConsLlLuLlonŦ

no arLlcles of lncorporaLlon or amendmenL Lo arLlcles of lncorporaLlon of banksţ banklng and quaslŴbanklng lnsLlLuLlonsţ
bulldlng and loan assoclaLlonsţ LrusL companles and oLher flnanclal lnLermedlarlesţ lnsurance companlesţ publlc uLlllLlesţ
educaLlonal lnsLlLuLlonsţ and oLher corporaLlons governed by speclal laws shall be accepLed or approved by Lhe
Commlsslon unless accompanled by a favorable recommendaLlon of Lhe approprlaLe governmenL agency Lo Lhe effecL
LhaL such arLlcles or amendmenL ls ln accordance wlLh lawŦ

SLC1ICN 14Ŧ Cert|f|cate of Author|ty to keg|sterŦ Ÿ 1he SecurlLles and Lxchange
Commlsslon shall noL reglsLer Lhe arLlcles of lncorporaLlon of any bankţ or any amendmenL LhereLoţ unless accompanled
by a cerLlflcaLe of auLhorlLy lssued by Lhe MoneLary 8oardţ under lLs sealŦ Such cerLlflcaLe shall noL be lssued unless Lhe
MoneLary 8oard ls saLlsfled from Lhe evldence submlLLed Lo lLť

14Ŧ1 1haL all requlremenLs of exlsLlng laws and regulaLlons Lo engage ln Lhe buslness for whlch Lhe appllcanL ls proposed
Lo be lncorporaLed have been complled wlLhŤ
14Ŧ2Ŧ 1haL Lhe publlc lnLeresL and economlc condlLlonsţ boLh general and localţ [usLlfy Lhe auLhorlzaLlonŤ and
14Ŧ3Ŧ 1haL Lhe amounL of caplLalţ Lhe flnanclngţ organlzaLlonţ dlrecLlon and admlnlsLraLlonţ as well as Lhe lnLegrlLy and
responslblllLy of Lhe organlzers and admlnlsLraLors reasonably assure Lhe safeLy of deposlLs and Lhe publlc lnLeresLŦ (9)

1he SecurlLles and Lxchange Commlsslon shall noL reglsLer Lhe byŴlaws of any bankţ or any
amendmenL LhereLoţ unless accompanled by a cerLlflcaLe of auLhorlLy from Lhe 8angko SenLralŦ (10)

SLC1ICN 6Ŧ Author|ty to Lngage |n ank|ng and Çuas|Ŵank|ng Iunct|onsŦ Ÿ no person or enLlLy shall engage ln
banklng operaLlons or quaslŴbanklng funcLlons wlLhouL auLhorlLy from Lhe 8angko SenLralť Þrovldedţ howeverţ 1haL an
enLlLy auLhorlzed by Lhe 8angko SenLral Lo perform unlversal or commerclal banklng funcLlons shall llkewlse have Lhe
auLhorlLy Lo engage ln quaslŴbanklng funcLlonsŦ 1he deLermlnaLlon of wheLher a person or enLlLy ls performlng banklng
or quaslŴbanklng funcLlons
wlLhouL 8angko SenLral auLhorlLy shall be declded by Lhe MoneLary 8oardŦ 1o resolve such lssueţ Lhe
MoneLary 8oard mayţ Lhrough Lhe approprlaLe supervlslng and examlnlng deparLmenL of Lhe 8angko
SenLralţ examlneţ lnspecL or lnvesLlgaLe Lhe books and records of such person or enLlLyŦ upon lssuance of Lhls auLhorlLyţ
such person or enLlLy may commence Lo engage ln banklng operaLlons or quaslŴbanklng funcLlons and shall conLlnue Lo
do so unless such auLhorlLy ls sooner surrenderedţ revokedţ suspended or annulled by Lhe 8angko SenLral ln accordance
wlLh Lhls AcL or oLher speclal lawsŦ
1he deparLmenL head and Lhe examlners of Lhe approprlaLe supervlslng and examlnlng deparLmenL are hereby
auLhorlzed Lo admlnlsLer oaLhs Lo any such personţ employeeţ offlcerţ or dlrecLor of any such enLlLy and Lo compel Lhe
presenLaLlon or producLlon of such booksţ documenLsţ papers or records LhaL are reasonably necessary Lo ascerLaln Lhe
facLs relaLlve Lo Lhe Lrue funcLlons and operaLlons of such person or enLlLyŦ lallure or refusal Lo comply wlLh Lhe requlred
presenLaLlon or producLlon of such booksţ documenLsţ papers or records wlLhln a reasonable Llme shall sub[ecL Lhe
persons responslble Lherefore Lo Lhe penal sancLlons provlded under Lhe new CenLral 8ank AcLŦ

SLC1ICN 64Ŧ Unauthor|zed Advert|sement or us|ness kepresentat|onŦ Ÿ no personţ assoclaLlonţ or corporaLlon
unless duly auLhorlzed Lo engage ln Lhe buslness of a bankţ quaslŴbankţ LrusL enLlLyţ or savlngs and loan assoclaLlon as
deflned ln Lhls AcLţ or oLher banklng lawsţ shall adverLlse or hold lLself ouL as belng engaged ln Lhe buslness of such bankţ
quaslŴbankţ LrusL enLlLyţ or assoclaLlonţ or use ln connecLlon wlLh lLs buslness LlLleţ Lhe word or words ƍbankƍţ ƍbanklngƍţ
ƍbankerƍţ ƍquaslŴbankƍţ ƍquaslbanklngƍţ ƍquaslŴbankerƍţ ƍsavlngs and loan assoclaLlonƍţ ƍLrusL corporaLlonƍţ ƍLrusL
companyƍ or words of slmllar lmporL or LransacL ln any manner Lhe buslness of any such bankţ corporaLlon or
assoclaLlonŦ (6)

CASLSť Centra| ank vs Morte
kepub||c vs secur|ty

1Ŧ Govern|ng prov|s|on
3ŦŦ anks sha|| be c|ass|f|ed |ntoť
(a) unlversal banksŤ
(b) Commerclal banksŤ
(c) 1hrlfL banksţ composed ofť (l) Savlngs and morLgage banksţ (ll) SLock savlngs and loan assoclaLlonsţ and (lll) ÞrlvaLe
developmenL banksţ as deflned ln 8epubllc AcL noŦ 7906 (hereafLer Lhe ƍ1hrlfL 8anks AcLƍ)Ť
(d) 8ural banksţ as deflned ln 8epubllc AcL noŦ 7333 (hereafLer Lhe ƍ8ural 8anks AcLƍ)Ť
(e) CooperaLlve banksţ as deflned ln 8epubllc AcL noŦ 6938 (hereafLer Lhe ƍCooperaLlve Codeƍ)Ť
(f) lslamlc banks as deflned ln 8epubllc AcL noŦ 6848ţ oLherwlse known as Lhe ƍCharLer of Al Amanah lslamlc lnvesLmenL
8ank of Lhe ÞhlllpplnesƍŤ and
(g) CLher classlflcaLlons of banks as deLermlned by Lhe MoneLary 8oard of Lhe 8angko SenLral ng ÞlllplnasŦ (6ŴAa)
Un|versa| anks
SLC1ICN 3Ŧ Þowers of a Un|versa| ankŦ Ÿ A unlversal bank shall have Lhe auLhorlLy Lo exerclseţ ln addlLlon Lo Lhe
powers auLhorlzed for a commerclal bank ln SecLlon 29ţ Lhe powers of an lnvesLmenL house as provlded ln exlsLlng laws
and Lhe power Lo lnvesL ln nonŴallled enLerprlses as provlded ln Lhls AcLŦ (21Ŵ8)
1Ŧ Þowers and Scope of Author|tyŦ 1he followlng are Lhe powers and scope of auLhorlLy of banksŦ
aŦ UsŦ A u8 shall have Lhe auLhorlLy Lo exerclseţ ln addlLlon Lo Lhe powers and servlces auLhorlzed
for a k8 as enumeraLed ln lLem b of Lhls SubsecLlon and Lhose provlded by oLher lawsţ Lhe
(1) Lhe powers of an lnvesLmenL house as provlded under exlsLlng lawsŤ
(2) Lhe power Lo lnvesL ln nonŴallled enLerprlsesŤ Ŵ
(3) Lhe power Lo own up Lo one hundred percenL (100Ʒ) of Lhe equlLy ln a 18ţ an 88ţ a
flnanclal allled enLerprlseţ or a nonŴflnanclal allled enLerprlseŤ and
(4) ln case of publlclyŴllsLed u8sţ Lhe power Lo own up Lo one hundred percenL (100Ʒ) of Lhe
voLlng sLock of only one oLher u8 or k8Ŧ
A u8 may perform Lhe funcLlons of an lnvesLmenL house elLher dlrecLly or lndlrecLly Lhrough a
subsldlary lnvesLmenL houseŤ ln elLher caseţ Lhe underwrlLlng of equlLy securlLles and securlLles
deallng shall be sub[ecL Lo perLlnenL laws and regulaLlons of Lhe SecurlLles and Lxchange
Commlsslon (SLC)ť Þrovldedţ 1haL lf Lhe lnvesLmenL house funcLlons are performed dlrecLly by Lhe
u8ţ such funcLlons shall be underLaken by a separaLe and dlsLlncL deparLmenL or oLher slmllar unlL
ln Lhe u8 buL lL cannoL perform such funcLlons boLh dlrecLly and lndlrecLly Lhrough a subsldlaryŦ
Sect|on Ŧ Þrerequ|s|tes for the grant of U author|tyŦ
2Ŧ1 Compllance wlLh guldellnesŦ A domesLlc bank seeklng auLhorlLy Lo operaLe as a u8 shall submlL an
appllcaLlon Lo Lhe approprlaLe supervlslng and examlnlng deparLmenL of Lhe 8SÞŦ 1he appllcanL shall
comply wlLh Lhe guldellnes for Lhe lssuance of a u8 auLhorlLy and shall submlL all Lhe documenLary
requlremenLs enumeraLed ln Annex ºA"Ŧ
2Ŧ2 Þubllc offerlng of bank sharesŦ A domesLlc bank applylng for a u8 auLhorlLy shallţ as a condlLlon Lo
Lhe approval of lLs appllcaLlonţ make a publlc offerlng of aL leasL Len percenL (10Ʒ) of Lhe requlred
mlnlmum caplLal and Lhls condlLlon musL be complled wlLh before lL can be granLed Lhe llcense for
auLhorlLy Lo operaLe as a u8Ŧ
1he Lerm publlc offerlng shall mean Lhe offer Lo sell equlLy shares Lo Lhe publlc sLockholdersŦ
Þubllc sLockholders shall refer Lo all sLockholdersţ excludlng Lhe bank's dlrecLorsţ shareholders ownlng
LwenLy percenL (20Ʒ) or more of Lhe bank's subscrlbed caplLal sLock LogeLher wlLh Lhose of Lhelr relaLlves
wlLhln Lhe fourLh degree of consangulnlLy or afflnlLyţ and corporaLlons conLrolled or afflllaLed wlLh LhemŦ
A bank whose shares of sLock are already llsLed ln Lhe Þhlllpplne SLock Lxchange (ÞSL) aL Lhe Llme of
flllng of lLs appllcaLlon for u8 auLhorlLy shall be deemed Lo have complled wlLh Lhe publlc offerlng
requlremenLŦ Llkewlseţ an appllcanL bank may opL Lo have lLs shares llsLed ln Lhe ÞSL dlrecLly lnsLead of
passlng Lhrough Lhe process of publlc offerlngŦ ln elLher caseţ aL leasL Len percenL (10Ʒ) of Lhe appllcanL
bank's caplLal sLock should be held by publlc sLockholders before lL can be granLed Lhe llcense for
auLhorlLy Lo operaLe as a u8Ŧ
2Ŧ3 LlsLlng of bank shares ln Lhe sLock exchangeŦ uomesLlc banks granLed a u8 llcenseţ exlsLlng or
newţ musL llsL Lhelr shares ln Lhe ÞSL wlLhln Lhree (3) yearsť Þrovldedţ 1haL ln Lhe case of new u8sţ Lhe
Lhree (3) year perlod shall be reckoned from Lhe daLe Lhe llcense Lo operaLe as a u8 was granLedŦ ln Lhe
case of exlsLlng u8s whlch have noL yeL llsLed Lhelr shares ln Lhe exchangeţ Lhe Lhree (3) year perlod
lapsed on uecember 27ţ 1998Ŧ
1he guldellnes on publlc offerlng and llsLlng of bank shares are enumeraLed ln Annex º8"Ŧ

Sect|on Ŧ ScopeŦ Any enLerprlse whlch engages ln Lhe underwrlLlng of securities of other corporations shall be
considered an "Ìnvestment House" and shall be subject to the provisions of this Decree and of other pertinent laws.
Nothing in this Decree shall be understood to preclude other enterprises from engaging in the mere buying and
selling of short-term securities of other persons or enterprises.
Section 3. Definitions. For the purpose of this Decree, unless the context otherwise indicates, the following
definition of terms are hereby adopted:
(a) "Underwriting" is the act or process of guaranteeing the distribution and sale of securities of any kind
issued by another corporation.
(b) "Securities" are written evidences of ownership, interest, or participation, in an enterprise, or written
evidences of indebtedness of a person or enterprise. Ìt includes, but is not limited to the instruments
enumerated in Section 2 of the Securities Act (Commonwealth Act No. 83, as amended).
ommerciaI Banks

SLC1ICN 9Ŧ Þowers of a Commerc|a| ankŦ Ÿ A commercial bank shall have, in addition to
the general powers incident to corporations, all such powers as may be necessary to carry on the
business of commercial banking, such as accepting drafts and issuing letters of credit; discounting and negotiating
promissory notes, drafts, bills of exchange, and other evidences of debt; accepting or creating demand deposits;
receiving other types of deposits and deposit substitutes; buying and selling foreign exchange and gold or silver
bullion; acquiring marketable bonds and other debt securities; and extending credit, subject to such rules as the
Monetary Board may promulgate. These rules may include the determination of bonds and other debt securities
eligible for investment, the maturities and aggregate amount of such investment. (21a)

SE% 30. Equity nvestments of a ommerciaI Bank. ÷ A commercial bank may, subject
to the conditions stated in the succeeding paragraphs, invest only in the equities of allied enterprises as may be
determined by the Monetary Board. Allied enterprises may either be financial or non-financial.
Except as the Monetary Board may otherwise prescribe:

30.1. The total investment in equities of allied enterprises shall not exceed thirty-five percent
(35%) of the net worth of the bank; and 30.2. The equity investment in any one enterprise shall not exceed twenty-
five percent (25%) of the net worth of the bank.

The acquisition of such equity or equities is subject to the prior approval of the Monetary Board
which shall promulgate appropriate guidelines to govern such investments. (21A-a; 21-Ca)

SE% 31. Equity nvestments of a ommerciaI Bank in FinanciaI AIIied Enterprises. ÷
A commercial bank may own up to one hundred percent (100%) of the equity of a thrift bank or a rural bank. Where
the equity investment of a commercial bank is in other financial allied enterprises,
including another commercial bank, such investment shall remain a minority holding in that enterprise.

SE% 32. Equity nvestments of a ommerciaI Bank in on-FinanciaI AIIied
Enterprises. ÷ A commercial bank may own up to one hundred percent (100%) of the equity in a nonfinancial
allied enterprise.

b. KBs (ommerciaI Banks). Ìn addition to the general powers incident to corporations
and those provided in other laws, a KB shall have the authority to exercise all such
powers as may be necessary to carry on the business of commercial banking, such as
accepting drafts and issuing letters of credit; discounting and negotiating promissory
notes, drafts, bills of exchange, and other evidences of debt; accepting or creating
demand deposits; receiving other types of deposits and deposit substitutes; buying and
selling foreign exchange and gold or silver bullion; acquiring marketable bonds and other
debt securities; and extending credit, subject to such rules as the Monetary Board may
promulgate. These rules may include the determination of bonds and other debt
securities eligible for investment, the maturities and aggregate amount of such
Ìt may also exercise or perform any or all of the following:
(1) nvest in the equities of allied enterprises as may be determined by the Monetary
(2) purchase, hold and convey real estate as specified under Sections 51 and 52 of
R.A. No. 8791;
(3) receive in custody funds, documents and valuable objects;
(4) act as financial agent and buy and sell, by order of and for the account of their
customers, shares, evidences of indebtedness and all types of securities;
(5) make collections and payments for the account of others and perform such other
services for their customers as are not incompatible with banking business;
(6) upon prior approval of the Monetary Board, act as managing agent, adviser,
consultant or administrator of investment management/advisory/-consultancy
(7) rent out safety deposit boxes; and
(8) engage in quasi-banking functions.

ooperative Banks

Section 99. overning Law. -
(1) The provisions of this Chapter shall primarily govern cooperative banks registered under this Code and the
other provisions of this Code shall apply to them only insofar as they are not inconsistent with the provisions
contained in this Chapter.
(2) Cooperatives duly established and registered under the provisions of this Code may organize among
themselves a cooperative bank which shall likewise be considered a cooperative registerable under the
provision of this Code subject to the requirements of and requisite authorization from the Central Bank.

Section 100. Definition, Iassification and Functions. - A cooperative bank is one organized by the majority
shares of which is owned and controlled by cooperatives primarily to provide financial and credit services to
cooperatives. The term "cooperative bank" shall include cooperative rural banks.
A cooperative bank may perform the following functions:
(1) To carry on banking and credit services for the cooperatives;
(2) To receive financial aid or loans from the Government and the Central Bank of the Philippines for and in
behalf of the cooperative banks and primary cooperatives and their federations engaged in business and to
supervise the lending and collection of loans;
(3) To mobilize savings of its members for the benefit of the cooperative movement;
(4) To act as a balancing medium for the surplus funds of cooperatives and their federations;
(5) To discount bills and promissory notes issued and drawn by cooperatives;
(6) To issue negotiable instruments to facilitate the activities of cooperatives;
(7) To issue debentures subject to the approval of and under conditions and guarantees to be prescribed by
the Government;
(8) To borrow money from banks and other financial institutions within the limit to be prescribed by the Central
Bank; and
(9) To carry out all other functions as may be prescribed by the Authority: Provided, That the performance of
any banking function shall be subject to prior approval by the Central Bank of the Philippines.

Section 101. Registration Requirements. - No entity shall be registered by the Cooperative Development
Authority as a cooperative bank unless the articles of cooperation and by-laws thereof as well as its
establishment and operation as a cooperative bank have been approved by the Central Bank of the Philippines
and it satisfies all requirements for registration as a cooperative.

Section 102. Membership. - Membership of a cooperative bank shall include only cooperatives and
federations of cooperatives.
Section 103. Board of Directors. - The number, composition, and voting rights of the board of directors shall
be defined in the articles of cooperation and by-laws of the cooperative bank, notwithstanding provisions of this
Code to the contrary.

Section 104. Loans. - Cooperatives may obtain loans from a cooperative bank. Loans granted by a
cooperative bank shall be reported to the Central Bank of the Philippines.

Section 105. Supervision. - The cooperative banks registered under this Code shall be under the supervision
of the Central Bank. The Central Bank upon consultation with the agency and the cooperative movement shall
formulate guidelines regarding the operations and banking transactions of cooperative bank. These guidelines
shall give due recognition to the unique cooperative nature and character of cooperative banks. To this end,
cooperative banks may be exempted from Central Bank rules and regulations, applicable to other types of
banks, which would impede the cooperative rural bank from performing legitimate financial and banking
services to its members.

Section 106. apitaIization. - (1) A national cooperative bank shall have a minimum authorized share capital
of Two hundred million pesos (P200,000,000.00) in relation to Section 14(5). The authorized share capital shall
be divided into such number of shares with a minimum par value of One thousand pesos (P1,000.00) per
share. For the purpose primarily of determining the permanency of equity, the types of share a cooperative
bank may issue, including the terms thereof and the rights appurtenant thereto, shall be subject to such rules
and regulations as the Central Bank may prescribe.
(2) A local cooperative bank shall have a minimum authorized share capital of Twenty million pesos
(P20,000,000.00) divided into such number of shares with a minimum par value of One hundred pesos
(P100.00) per share.

Section 107. Distribution of et SurpIus. - The provisions of this Code on the allocation and distribution of
net surplus shall apply.

Section 108. PriviIeges. - Cooperative banks shall have the following privileges subject to the approval of the
Central Bank and compliance with applicable banking laws, rules and regulations:
(1) The cooperative banks registered under this Code shall be given the same privilege granted to the rural
banks, private development banks, commercial banks, and all other banks to re-discount notes with the Central
Bank, the Land Bank of the Philippines, and other government banks without affecting in any way the
provisions of this Code; and
(2) To act as a depository of government funds. For this purpose, all government departments, agencies and
units of the national and local governments, including government-owned and controlled corporations are
hereby authorized to deposit their funds in any cooperative bank.

Section 109. Assistance to ooperative Bank. - Whenever a cooperative bank organized under this Code is
distressed or may need assistance in the rehabilitation of its financial condition or to avoid bankruptcy, the
Monetary Board of the Central Bank of the Philippines shall designate an official of the Central Bank or a
person of recognized competence in banking or finance as receiver or conservator of the said bank pursuant to
the provisions of Section 29 of Republic Act. No. 265, as amended.

RuraI Banks
R.A. 1992 (7353)
%hrift Banks

Savings and Mortgage Banks
These are organized for the purpose of accumulating savings of deposits, and investing them for specified
purposes, such as readily marketable bonds and securities, commercial papers and accounts receivables,
drafts, bills of exchange, acceptance or notes arising from loans, whether secured or unsecured, mortgages on
real financing for home building or home development, and such other investments and loans as allowed by
the Monetary Board of the Bangko Sentral in pursuit of national economic objectives.
Stock Savings and Loan Associations
are engaged in the accumulation of savings mainly of stockholders in specified undertakings. They are
primarily concerned with servicing the needs of the household by providing personal finance and long-term
financing for home building and development.
a private deveIopment bank is to be organized in the form of a stock corporation and it's paid up capital for
class A - not less than four million, class B - two million pesos, class C - one million pesos.

sIamic banks

ther speciaI banks

Distinctions of each bank

Foreign Banks
SE% 72. %ransacting Business in the PhiIippines. ÷ The entry of foreign banks in the
Philippines through the establishment of branches shall be governed by the provisions of the Foreign
Banks Liberalization Act.

The conduct of offshore banking business in the Philippines shall be governed by the provisions
of the Presidential Decree No. 1034, otherwise known as the "Offshore Banking System Decree."


ReIationship of Bank and Depositor

Art. 1980. Fixed, savings, and current deposits of money in banks and similar institutions shall be
governed by the provisions concerning simple loan. (n)

Depositors capacity

Section 1. Minors who are at least seven years of age, are able to read and write, have sufficient
discretion, and are not otherwise disqualified by any other incapacity, are hereby vested with special
capacity and power, in their own right and in their own names, to make savings or time deposits with and
withdraw the same as well as receive interests thereon from banking institutions, without the assistance of
their parents or guardians, the provisions of existing laws and regulations to the contrary notwithstanding.
Parents may nevertheless deposit for their minor children and guardians for their wards.

Sec. 22. Minors as Depositors. ÷ Minors in their own rights and in their own names may
make deposits and withdraw the same, and may receive dividends and interest:
Provided, however, That, if any guardian shall give notice in writing to any thrift bank not
to make payments of deposits, dividends, or interest to the minor of whom he is the
guardian, then such payment shall be made only to the guardian.

Sec. 5. EquaIity in apacity to Act. ÷ Women of legal age, regardless of civil status, shall have the capacity
to act and enter into contracts which shall in every respect be equal to that of men under similar
Ìn all contractual situations where married men have the capacity to act, married women shall have equal

To this end:

(1) Women shall have the capacity to borrow and obtain loans and execute security and credit arrangement
under the same conditions as men;

(2) Women shall have equal access to all government and private sector programs granting agricultural credit,
loans and non-material resources and shall enjoy equal treatment in agrarian reform and land resettlement

(3) Women shall have equal rights to act as incorporators and enter into insurance contracts; and

(4) Married women shall have rights equal to those of married men in applying for passport, secure visas and
other travel documents, without need to secure the consent of their spouses. Ìn all other similar contractual
relations, women shall enjoy equal rights and shall have the capacity to act which shall in every respect be
equal to those of men under similar circumstances.

A corporation is a legal entity that is created under the laws of a state designed to establish the entity as a separate legal
entity having its own privileges and liabilities distinct from those of its members

Bank as debtor

ases: FuIton vs hina bank
GuIIas vs PB

Kinds of deposits

Section 58. Definition. ÷ For purposes of this Act, the term "demand deposits" means all those liabilities of
the Bangko Sentral and of other banks which are denominated in Philippine currency and are subject to
payment in legal tender upon demand by the presentation of checks.

Sec. X213 Servicing Deposits utside Bank Premises. Banks may be authorized by the BSP to solicit and
accept deposits outside their bank premises, subject to the following conditions:
a. Minimum capital requirement is met;
b. No major supervisory concerns affecting safety and soundness;
c. The area of operations shall be within one (1)-hour normal travel time by land/sea from any head office or
branch, except in remote areas where more than one (1)- hour normal travel time may be allowed; and
d. Applicant bank shall institute and m a i n t a i n t h e f o l l o w i n g m i n i m u m safeguards:

(1) A l l d e p o s i t s o l i c i t o r s s h a l l b e initially bonded for at least P1,000 subject to the increase
thereof to approximate their daily collections;

(2) D e p o s i t s o l i c i t o r s s h a l l b e provided with proper identification cards with photograph and
signature of each respective solicitor, certified to by the
a p p r o p r i a t e o f f i c e r o f t h e b a n k . S a i d identification cards shall be worn by each solicitor
at all times at the upper breast o f h i s o u t e r g a rme n t wh e n s o l i c i t i n g deposits; and
(3) Adequate insurance coverage for funds in t r ans i t ( represent ing depos i t s collected outside banking
premises) shall b e s e c u r e d b y a p p l i c a n t b a n k f r o m insurance companies not included in
the l i s t o f c o m p a n i e s b l a c k l i s t e d b y t h e Ìnsurance Commissioner;

(4) Deposit slips shall be in booklet form, prenumbered, in triplicate copies and in three (3) colors - the original
to be issued to the depositor, the second copy to be used for posting reference, and the third copy to be
retained in the booklet;

(5) All collections shall be turned over to the cashier at the end of each day accompanied by a Collection
Summary Report to be accomplished in duplicate which shall contain the following minimum information:

(a) Date of the report
(b) N a m e s a n d a d d r e s s e s o f t h e depositors
(c) Deposit slip numbers
(d) Amounts of deposit
(e) Savings a c count and pa s sbook numbers
(f) Name and signature of solicitor rendering the report
(6) D e p o s i t o r s s h a l l a l w a y s b e required to accomplish a Signature Card when opening an
account, which card s h a l l b e u s e d a lwa y s a s r e f e r e n c e i n checking the
genuineness/authenticity of signatures affixed on withdrawal slips or authorizations for withdrawal;
(7) De p o s i t s /wi t h d r awa l s s h a l l b e recorded by the bookkeeper or any ledger clerk, except any
bank solicitor, in the depositor's ledger cards and passbooks on t h e s a m e d a y t h a t s u c h d e p o
s i t s / withdrawals are accepted. Passbooks shall be returned to the depositors not later than the following
business day;
(8) A t t h e e n d o f e a c h m o n t h , depositors shall be advised in writing of the balances of their
deposits with the bank, the advise slips of which shall never be handcarried by the solicitors themselves;
(9) P l a c e s o f a s s i g nme n t s o f b a n k solicitors shall be rotated at least quarterly.

Sec. X224 RuIes on Servicing egotiabIe r d e r o f Wi t h d r awa I A c c o u n t s . T h e following
rules shall be observed in servicing NOW accounts:

a. Prior to or simultaneous with the opening of a NOW account, the bank shall inform the depos i tor of i t s
terms and conditions;
b. The bank shall be responsible for the proper identification of its depositors; it shall require, among other
things, two (2) s p e c i m e n s i g n a t u r e s a n d s u c h o t h e rpertinent information;
c. D e p o s i t s s h a l l b e c o v e r e d b y
deposit slips in duplicate duly validated and initialed by the teller receiving the deposit. A copy of the deposit
slip shall be furnished the depositor;
d. NOW accounts shall be kept and maintained separately from the regular savings deposits;
e . B l a n k N O W f o r m s s h a l l b e prenumbered and shall be controlled as in the case of unissued
blank checks;
f. A bank statement shall be sent to each depositor at the end of each month for confirmation of balances; and
g. Banks must use the form prescribed by present rules for NOW accounts. Nothing herein shall be construed
as precluding a TB, RB or Coop Bank from applying for author i ty to a c cept both demand deposits and
NOW accounts.

S e c . X 2 2 6 I e a r i n g o f e g o t i a b I e r d e r o f Wi t h d r awa I A c c o u n t s .
A n y NOW a c count whi ch may be depos i ted wi th a bank other than the dr awee bank may be c lea
red through the PCHC in Mani l a and the Regiona l Clea r ing Uni t s in regiona l c lea r ing center s
des igna ted b y t h e B S P i n a c c o r d a n c e w i t h t h e c l e a r i n g p r o c e d u r e s . N o t h i
n g i n t h i s Sec t ion sha l l prevent di rec t set t lement between the pa r t ies concerned.
The provision of Sec. X202 shall also apply for withdrawals on NOW accounts.

Sec. X231 %erm of %ime Deposits. Time deposits shall be issued for a specific period of term.

Deposit and withdrawaI of funds


Art. 1934. An accepted promise to deliver something by way ofcommodatum or simple loan is binding upon
parties, but the commodatumor simple loan itself shall not be perfected until the delivery of the object of the

Sec. X242 nterest on Deposits/Deposit S u b s t i t u t e s . Dema n d , s a v i n g s , NOW a c c o u n t s
, t i m e d e p o s i t s a n d d e p o s i t substitutes shall not be subject to interest ceilings.

§ X242.1 %ime of payment of interest

o n t i m e d e p o s i t s / d e p o s i t s u b s t i t u t e s Ìnterest or yield on time deposit/deposit substitute
may be paid at maturity or upon wi t h d r awa l o r i n a d v a n c e : P r o v i d e d , however, That
interest or yield paid in advance shall not exceed the interest for one (1) year.

X242.2 %reatment of matured time deposits/deposit substitutes

a. A time deposit not withdrawn or renewed on its due date shall be treated as a savings deposit and shall earn
interest f r o m m a t u r i t y t o t h e d a t e o f a c t u a l withdrawal or renewal at a rate applicable to
savings deposits.
b. A depos i t subs t i tute ins t rument not withdrawn or renewed on its maturity date shall from said date
become payable on demand and shall earn an interest or yield from maturity to actual withdrawal o r r e n e w
a l a t a r a t e a p p l i c a b l e t o a d e p o s i t s u b s t i t u t e wi t h a ma t u r i t y o f fifteen (15)

B a n k s p e r f o r m i n g q u a s i - b a n k i n g f u n c t i o n s s h a l l c o n t i n u e t o c o n s i d e r m
a t u r e d a n d u n w i t h d r a w n d e p o s i t substitutes as such and subject to reserves.

Account ames

Joint Account

Art. 1207. The concurrence of two or more creditors or of two or more debtors in one and the same obligation
does not imply that each one of the former has a right to demand, or that each one of the latter is bound to
render, entire compliance with the prestation. There is a solidary liability only when the obligation expressly so
states, or when the law or the nature of the obligation requires solidarity.

Art. 1208. Ìf from the law, or the nature or the wording of the obligations to which the preceding article refers
the contrary does not appear, the credit or debt shall be presumed to be divided into as many shares as there
are creditors or debtors, the credits or debts being considered distinct from one another, subject to the Rules of
Court governing the multiplicity of suits.

Art. 485. The share of the co-owners, in the benefits as well as in the charges, shall be proportional to their
respective interests. Any stipulation in a contract to the contrary shall be void.
The portions belonging to the co-owners in the co-ownership shall be presumed equal, unless the contrary is

Anonymous Accounts
(a) ustomer dentification, - Covered institutions shall establish and record the true identity of its clients based on
official documents. They shall maintain a system of verifying the true identity of their clients and, in case of corporate
clients, require a system of verifying their legal existence and organizational structure, as well as the authority and
identification of all persons purporting to act on their behalf.
The provisions of existing laws to the contrary notwithstanding, anonymous accounts, accounts under fictitious
names, and all other similar accounts shall be absolutely prohibited. Peso and foreign currency non-checking
numbered accounts shall be allowed. The BSP may conduct annual testing solely limited to the determination of the
existence and true identity of the owners of such accounts.
Art. 178. Using fictitious name and conceaIing true name. ÷ The penalty of arresto mayor and a fine not to
exceed 500 pesos shall be imposed upon any person who shall publicly use a fictitious name for the purpose of
concealing a crime, evading the execution of a judgment or causing damage.
Any person who conceals his true name and other personal circumstances shall be punished by arresto menor or a
fine not to exceed 200 pesos.
REPUBL A% o. 6085
Section 1. Section one of Commonwealth Act Numbered One hundred forty-two is hereby amended to read as
"Sec. 1. Except as a pseudonym solely for literary, cinema, television, radio or other entertainment purposes and in
athletic events where the use of pseudonym is a normally accepted practice, no person shall use any name different
from the one with which he was registered at birth in the office of the local civil registry, or with which he was
baptized for the first time, or, in case of an alien, with which he was registered in the bureau of immigration upon
entry; or such substitute name as may have been authorized by a competent court: Provided, That persons, whose
births have not been registered in any local civil registry and who have not been baptized, have one year from the
approval of this act within which to register their names in the civil registry of their residence. The name shall
comprise the patronymic name and one or two surnames."
Section 2. Section Two of Commonwealth Act Numbered One hundred forty-two is hereby amended to read as
"Sec. 2. Any person desiring to use an alias shall apply for authority therefor in proceedings like those legally
provided to obtain judicial authority for a change of name, and no person shall be allowed to secure such judicial
authority for more than one alias. The petition for an alias shall set forth the person's baptismal and family name and
the name recorded in the civil registry, if different, his immigrant's name, if an alien, and his pseudonym, if he has
such names other than his original or real name, specifying the reason or reasons for the use of the desired alias.
The judicial authority for the use of alias the Christian name and the alien immigrant's name shall be recorded in the
proper local civil registry, and no person shall use any name or names other, than his original or real name unless
the same is or are duly recorded in the proper local civil registry."
Section 3. Section three of Commonwealth Act Numbered One hundred forty-two, is hereby amended to read as
"Sec. 3. No person having been baptized with a name different from that with which he was registered at birth in the
local civil registry, or in case of an alien, registered in the bureau of immigration upon entry, or any person who
obtained judicial authority to use an alias, or who uses a pseudonym, shall represent himself in any public or private
transaction or shall sign or execute any public or private document without stating or affixing his real or original
name and all names or aliases or pseudonym he is or may have been authorized to use."
Section 4. Commonwealth Act Numbered One hundred forty-two is hereby amended by the insertion of the
following new section to be designated Section four to read as follows:
"Sec. 4. Six months from the approval of this act and subject to the provisions of section 1 hereof, all persons who
have used any name and/or names and alias or aliases different from those authorized in section one of this act and
duly recorded in the local civil registry, shall be prohibited to use such other name or names and/or alias or aliases."
Section 5. Section four of Commonwealth Act Numbered One hundred forty-two is hereby amended to read as
Section five, as follows:
"Sec. 5. Any violation of this Act shall be punished with imprisonment of from one year to five years and a fine of
P5,000 to P10,000."
Section 6. This Act shall take effect upon its approval, and all Acts, rules or regulations of laws inconsistent
herewith are hereby repealed.
Approved: August 4, 1969.
Art. 379. The employment of pen names or stage names is permitted, provided it is done in good faith and
there is no injury to third persons. Pen names and stage names cannot be usurped.
Art. 380. Except as provided in the preceding article, no person shall use different names and surnames.
Section 6. Tax exemption. All foreign currency deposits made under this Act, as amended by PD No. 1035,
as well as foreign currency deposits authorized under PD No. 1034, including interest and all other income
or earnings of such deposits, are hereby exempted from any and all taxes whatsoever irrespective of
whether or not these deposits are made by residents or nonresidents so long as the deposits are eligible
or allowed under aforementioned laws and, in the case of nonresidents, irrespective of whether or not
they are engaged in trade or business in the Philippines.

Deceased depositor
Section 97. !ayment of Tax Antecedent to the Transfer of Shares, Bonds or Rights. - There shall not be
transferred to any new owner in the books of any corporation, sociedad anonima, partnership, business, or industry
organized or established in the Philippines any share, obligation, bond or right by way of gift inter vivos or mortis
causa, legacy or inheritance, unless a certification from the Commissioner that the taxes fixed in this Title and due
thereon have been paid is shown.
Ìf a bank has knowledge of the death of a person, who maintained a bank deposit account alone, or jointly with
another, it shall not allow any withdrawal from the said deposit account, unless the Commissioner has certified that
the taxes imposed thereon by this Title have been paid: Provided, however, That the administrator of the estate or
any one (1) of the heirs of the decedent may, upon authorization by the Commissioner, withdraw an amount not
exceeding Twenty thousand pesos (P20,000) without the said certification. For this purpose, all withdrawal slips
shall contain a statement to the effect that all of the joint depositors are still living at the time of withdrawal by any
one of the joint depositors and such statement shall be under oath by the said depositors.

Survivorship agreement

ASES: Ana vs PeopIes Bank
Romarico vs Rowena


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