Bill Seeks to Differentiate Non-Stock SLAs from Regular Banks in Regulation

Manila Bulletin, June 18, 2014 | Go to article overview

Bill Seeks to Differentiate Non-Stock SLAs from Regular Banks in Regulation


Baguio City Batangas Rep. Nelson P. Collantes, chair of the House committee on banks and financial intermediaries, disclosed his committee was considering further amendments to several banking laws and regulations to further distinguish the non-stock savings and loan associations (NSSLAs) from the countrys regular banking institutions. Speaking before the members of the Confederation of Non-Stock Savings and Loan Associations, Inc. (CONSLA) in recent convention in Baguio City, Collantes said this representation is aware of the distinguishing factors between regular banks and NSSLAs. In terms of the purpose of regular banks, they are established mostly for profit, while NSSLAs support the pursuit of common economic and social goals of its members, he said. He said that while regular banks are allowed to make speculative and diverse investments, NSSLAs are limited to safe and non-speculative investments like government securities and deposits with banks. With these and other defining factors, it is clear that NSSLAs are quite different from regular banks and must not be treated similarly, he stressed. Collantes said that, House Bill No. 3112 or an Act Amending the New Central Bank Act is now pending with his committee. He noted that the amendments contain provisions that would distinguish NSSLAs from regular banks such that regulations must not be applied equally to regular banks and NSSLAs. If we are to champion the welfare of the more than seven million members of NSSLAs, we must continue our efforts in distinguishing NSSLAs from regular banks, he said. In the same way that Islamic banks are given consideration taking into account their peculiar characteristics, NSSLAs have characteristics that must warrant special consideration in terms of supervision by the Bangko Sentral ng Pilipinas (BSP), he added. House Bill 3112 is authored by Collantes and House Speaker Feliciano Belmonte. Collantes also met with the leaders of CONSLA for amendments to Republic Act No. 8367, known as the Revised Non-Stock Savings and Loan Associations Act of 1953. And soon his committee will review BSP Memorandum Circular No. …

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