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14 Nat'l Admin. Reg. 1 (2003)

handle is hein.journals/nadmr14 and id is 1 raw text is: arry - led 2003 BANGKO SENTRAL NG PILIPINAS Date Filed: 07 January 2003 Circular No. 362 Grounds for the Disqualification and the Procedures in the Watchlisting of Erring Directors/Officers/Employees of Banks, Quasi-banks and Trust Entities as Provided for Under Circular No. 296 dated September 17, 2001 Shall Also Be Applicable to All Other Institutions Under the Supervisory and Regulatory Powers of the Bangko Sentral ng Pilipinas (BSP) Pursuant to Monetary Board Resolution No. 1772 dated December 5, 2002, the grounds for the disqualification and the procedures in the watchlisting of erring directors/officers/ employees of banks, quasi-banks and trust entities as provided for under Circular No. 296 dated September 17, 2001 shall also be applicable to all other institutions under the supervi- sory and regulatory powers of the Bangko Sentral ng Pilipinas (BSP), except the ground for disqualification due to failure to attend the required seminar for board of directors conducted or accredited by the BSP. Existing rules and regulations which are inconsistent with these rules are hereby re- pealed. This Circular shall take effect immediately. Adopted: 17 Dec. 2002 (SGD.) RAFAEL B. BUENAVENTURA Governor --000-- Date Filed: 07 January 2003 Circular No. 363 Policy Changes in Order to Help Promote the Development of the Small and Medium Enterprises The Monetary Board, in its Resolution No. 1699 dated 21 November 2002 as amended by Resolution No. 1768 dated 5 December 2002, approved the following policy changes in order to help promote the development of the small and medium enterprises: 1. To postpone the implementation of the market-based pricing mechanism for rediscount loans as provided for under Circular No. 354 dated 4 October 2002 for a period of one year from 4 October 2002 to 3 October 2003. During said period, the rediscount rate shall con- tinue to be one (1) percentage point below the 91-day Treasury Bill rate of the last auction week of the previous month. On 4 October 2003, the rediscount rate shall automatically revert to the market-based pricing mechanism provided for under Circular No. 354. 2. To reduce the regular reserve requirement to 6 percent for demand deposits, deposit substitutes, and NOW accounts of thrift banks, and for demand deposits and NOW accounts

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