This document summarizes several key Philippine acts related to banking and financial regulation. It outlines the establishment of the central bank (Bangko Sentral ng Pilipinas) and its authority over monetary policy and banking operations. It also describes laws covering general banking activities, investment houses, foreign bank participation, offshore banking, foreign currency deposits, lending disclosures, bank secrecy, anti-money laundering, and deposit insurance. The Philippine Deposit Insurance Corporation is established to insure bank deposits and act as a receiver for distressed banks.
This document summarizes several key Philippine acts related to banking and financial regulation. It outlines the establishment of the central bank (Bangko Sentral ng Pilipinas) and its authority over monetary policy and banking operations. It also describes laws covering general banking activities, investment houses, foreign bank participation, offshore banking, foreign currency deposits, lending disclosures, bank secrecy, anti-money laundering, and deposit insurance. The Philippine Deposit Insurance Corporation is established to insure bank deposits and act as a receiver for distressed banks.
This document summarizes several key Philippine acts related to banking and financial regulation. It outlines the establishment of the central bank (Bangko Sentral ng Pilipinas) and its authority over monetary policy and banking operations. It also describes laws covering general banking activities, investment houses, foreign bank participation, offshore banking, foreign currency deposits, lending disclosures, bank secrecy, anti-money laundering, and deposit insurance. The Philippine Deposit Insurance Corporation is established to insure bank deposits and act as a receiver for distressed banks.
This document summarizes several key Philippine acts related to banking and financial regulation. It outlines the establishment of the central bank (Bangko Sentral ng Pilipinas) and its authority over monetary policy and banking operations. It also describes laws covering general banking activities, investment houses, foreign bank participation, offshore banking, foreign currency deposits, lending disclosures, bank secrecy, anti-money laundering, and deposit insurance. The Philippine Deposit Insurance Corporation is established to insure bank deposits and act as a receiver for distressed banks.
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NEW CENTRAL BANK ACT
Republic Act No. 7653
IN GENERAL The Bangko Sentral ng Pilipinas is the States central monetary authority, mandated in the 1987 Constitution, which shall function and operate as an independent and accountable body corporate in the discharge of its mandated responsibilities concerning money, banking and credit. [Section 1, RA 7653] The Bangko Sentral shall enjoy fiscal and administrative autonomy. [Section 1, RA 7653]
GENERAL BANKING ACT Republic Act No. 337, as amended
An act regulating banks and banking institutions and for other purposes
IN GENERAL
Rule on bank operations Only entities duly authorized by the Monetary Board of the Bangko Sentral may engage in the lending of funds obtained from the public through the receipt of deposits of any kind and all entities regularly conducting such operations shall be considered as banking institutions.
Banks or banking institutions Entities engaged in the lending of funds obtained from the public through the receipt of deposits of any kind, and all entities regularly conducting such operation. Banks or banking institutions must be duly authorized by the Monetary Board of the Central Bank.
GENERAL BANKING LAW OF 2000 REPUBLIC ACT NO. 8791
An act providing for the regulation of the organization and operations of banks, quasi- banks, trust entities and for other purposes
Declaration of policy
The State recognizes the vital role of banks in providing an environment conducive to the sustained development of the national economy and the fiduciary nature of banking that requires high standards of integrity and performance. In furtherance thereof, the State shall promote and maintain a stable and efficient banking and financial system that is globally competitive, dynamic and responsive to the demands of a developing economy.
THE INVESTMENT HOUSES LAW Presidential Decree 129
A law governing the establishment, operation and regulation of Investment Houses.
IN GENERAL Any enterprise which engages in the underwriting of securities of other corporations shall be considered an "Investment House" and shall be subject to the provisions of this Decree and of other pertinent laws.
FOREIGN BANK LIBERALIZATION Republic Act No. 7721 An act liberalizing the entry and scope of operations of foreign banks in the Philippines and for other purposes.
Declaration of policy The State shall: 1. Develop a self-reliant and independent national economy effectively controlled by Filipinos; and 2. Encourage, promote and maintain a stable, competitive, efficient and dynamic banking and financial system. Pursuant to this policy, the Philippine banking and financial system is hereby liberalized to create a more competitive environment and encourage greater foreign participation through increase in ownership in domestic banks by foreign banks and the entry of new foreign bank branches. In allowing increased foreign participation in the financial system, it shall be the policy of the State that the financial system shall remain effectively controlled by Filipinos. Public shall mean twenty or more lenders.
OFFSHORE BANKING SYSTEM LAW Presidential Decree No. 1034
A law authorizing the establishment of an offshore banking system in the Philippines
An act instituting a foreign currency deposit system in the Philippines and for other purposes/
Authority to deposit foreign currencies Any person, natural or juridical, may deposit with such Philippine banks in good standing, as may upon application be designated by the Central Bank for the purpose, foreign currencies which are acceptable as part of the international reserve.
Exception Foreign currencies which are required by the Central Bank to be surrendered in accordance with the provisions of RA 7653 may not be deposited. An act instituting a foreign currency deposit system in the Philippines and for other purposes An act instituting a foreign currency deposit system in the Philippines and for other purposes
THE TRUTH IN LENDING ACT Republic Act No. 3765
An act to require the disclosure of finance charges in connection with extensions of credit
Declaration of policy It is hereby declared to be the policy of the State to protect its citizens from a lack of awareness of the true cost of credit to the user by assuring a full disclosure of such cost with a view of preventing the uninformed use of credit to the detriment of the national economy.
LAW ON SECRECY OF BANK DEPOSITS Republic Act No. 1405
An act prohibiting disclosure of or inquiry into, deposits with any banking institution and providing penalty therefore, as amended
General rule All deposits of whatever nature with banks or banking institutions in the Philippines including investments in bonds issued by the Government of the Philippines, its political subdivisions and its instrumentalities, are hereby considered as of an absolutely confidential nature and may not be examined, inquired or looked into by any person, government official, bureau or office. [Section 2, RA 1405]
ANTI-MONEY LAUNDERING ACT OF 2001 Republic Act No. 9160
An act defining the crime of money laundering, providing penalties therefor and for other purposes
Declaration of policy It is hereby declared the policy of the State to protect and preserve the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity. Consistent with its foreign policy, the State shall extend cooperation in transnational investigations and prosecutions of persons involved in money laundering activities wherever committed.
An act establishing the Philippine Deposit Insurance Corporation, defining its powers and duties and for other purposes
Creation of PDIC There is hereby created a Philippine Deposit Insurance System which shall insure the deposits of all banks which are entitled to the benefits of insurance under RA 3591. PDIC may also be appointed as receiver of a banking institution.
PDIC CHARTER Republic Act No. 9576
An act increasing the maximum deposit insurance coverage, and in connection therewith, to strengthen the regulatory and administrative authority, and financial capability of the PDIC.
