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Article: New BSP circular expands banks' microfianance activities.(Main Business)
- Article from:
- Manila Bulletin
- Article date:
- October 29, 2009
CopyrightCOPYRIGHT 2009 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Bangko Sentral ng Pilipinas (BSP) has approved additional descriptions to banks, microfinance activities in anticipation of more banks putting up mobile microfinance units similar to Bank of the Philippine Islands BPI Globe BanKo.BSP Circular No. 699 signed by central bank Governor Amando M. Tetangco Jr. last October 22 also clarified “other banking office” such as mobile microfinance’s deposit and withdrawal rules, which should be limited to savings deposits only.Under BSP’s regulations, all “other banking office” is allowed to accept deposits and service withdrawals through tellers or other authorized personnel including automated ...
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