BSP Revises Rule to Allow GFIs to Invest in Rural Banks

Manila Bulletin, September 16, 2009 | Go to article overview

BSP Revises Rule to Allow GFIs to Invest in Rural Banks


The Bangko Sentral ng Pilipinas (BSP) has amended a circular that would allow government financial institutions (GFIs) such as Land Bank of the Philippines and Development Bank of the Philippines to invest in cooperative and rural banks with a par value of only P1.Prior to the revision, BSP Circular No. 663 has a provision for government-held shares worth P10 per share, either common stocks or preferred stocks in cooperative and rural banks.The amended circular was signed last September 10 as complement to the plan to set up a P5-billion financing package for rural banks by the BSP and Philippine Deposit Insurance Corp.The BSP and PDIC will each contribute P2.5 billion to the Rural Bank Strengthening Program. PDIC President Jose C. Nograles said this will encourage rural banks to merge and consolidate.The new BSP rule would allow GFIs to invest in rural banks whose common or preferred stocks have a par value of P1.The financial assistance is a combination of preferred shares and direct loan to boost the capital of the bank. These are non-voting preferred shares which are cumulative and convertible to common shares. The shares are also redeemable during the fifth year but not later than the tenth year.Nograles earlier explained that the P5-billion fund is an incentive scheme and is a long-term program or about two years.Rural banks account of 86 percent of the total number of banks in operation. …

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BSP Revises Rule to Allow GFIs to Invest in Rural Banks
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