A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 865-B
|
PRESIDENTIAL DECREE NO. 865-B -
FURTHER AMENDING Section 2-C OF REPUBLIC ACT NO. 337 OTHERWISE KNOWN AS
THE GENERAL BANKING ACT
|
chanroblesvirtualawlibrary
WHEREAS, it
is essential to grant the monetary authority adequate prerogatives in
the management of the country's banking and credit system in the
interest of orderly and sustained economic growth;chanroblesvirtualawlibrary
WHEREAS, while the Monetary Board of the Central Bank already has the
authority under existing law to prescribe interest rate ceilings on the
lending operations of banks and non-bank financial intermediaries, it
is deemed appropriate to invest it with express authority to also
prescribe ceilings on the financial yield from the purchase of
receivables or other obligations by the said institutions in the course
of their quasi-banking functions:cralaw:red
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree and order to be part of the laws of the land the following:cralaw:red
Section 1. Section 2-C of Republic Act No. 337, as
amended, is hereby further amended to read as follows:cralaw:red
"Sec. 2-C. The Monetary Board may, at its discretion,
prescribe control ratios, ceilings, limitations, or other forms of
regulation on the different types of [contingent] accounts of banking
institutions and non-bank financial intermediaries performing
quasi-banking functions; AS WELL AS PRESCRIBE CEILINGS ON YIELDS FROM
THE PURCHASE OF RECEIVABLES OR OTHER OBLIGATIONS BY SUCH BANKING
INSTITUTIONS AND NON-BANK FINANCIAL INTERMEDIARIES, OR EXEMPT
PARTICULAR CATEGORIES OF TRANSACTIONS FROM SUCH CEILINGS.
Section 2. This Decree shall take effect
immediately. chanroblesvirtualawlibrary
Done in the City of Manila,
this 31st day of December, in the year of Our Lord, nineteen hundred
and seventy-five.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|
