Pursuant to BSP Circular No. 537, series of 2006, what are the new limits to the legal tender
power of coins?
- P1, P5 and P10 – acceptable up to P1,000
- All centavo (sentimo) coins – acceptable up to P100
Pursuant to BSP Circular No. 537, series of 2006, what are the new limits to the legal tender
power of coins?
- P1, P5 and P10 – acceptable up to P1,000
- All centavo (sentimo) coins – acceptable up to P100
Pursuant to the New Central Bank Act, what is the requirement when DOSRI accounts contract
a loan or any financial accommodations with their bank or related bank?
Execute a written waiver of secrecy of deposit.
What are the privileges of BSP under Sections 125-130 of RA No. 7653?
- Tax Exemptions
- Exemption from Customs Duties
Who is a conservator of a bank?
- The conservator is appointed to take charge of the assets, liabilities and the
management of a bank or a quasi-bank in a state of continuing liability, or unwillingness
to maintain a condition of liquidity deemed adequate to protect the interest of
depositors and creditors.
Who is a receiver of a bank?
The receiver is appointed to manage a bank or quasi-bank that is unable to pay its
liabilities in the ordinary course of business, or has insufficient realizable assets to meet
its liabilities, or cannot continue business without probable losses.
The BSP upon approval of at least five (5) members of the Monetary Board, may also grant this
kind of loan or advances in the amount not exceeding 50% of its total deposits and deposits
substitutes is known as:
Emergency loans
Who is the State’s Central Monetary Authority mandated in the 1987 Philippine 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?
Bangko Sentral ng Pilipinas
What are the roles of the Bangko Sentral ng Pilipinas?
- Banker of the Government
- Representative with the International Monetary Board
- Representative with Other Financial Institutions
- In charge with Fiscal Operations
Who shall function as the receiver for banks?
The Monetary Board designates the Philippines Deposit Insurance Corporation as the
receiver for banks.
Who shall function as the receiver for banks?
The Monetary Board designates the Philippines Deposit Insurance Corporation as the
receiver for banks.
Who shall function as the receiver for quasi- banks?
Any person of recognized competence in banking or finance may be designated as the
receiver.
What are the specific findings of the Monetary Board that serve as the bases for receivership?
- Inability to pay liabilities
- Insufficiency of realizable assets to meet its liabilities
- Inability to continue the business without involving a probable loss to depositors and
creditors - Willful violation of cease-and-desist order under Sec. 37 of RA Bo. 7653 that has become
final involving acts or transactions which amount to fraud or dissipation of assets of the
institution
For under what duration shall the receivership be?
The receivership shall not exceed 90 days.
What are the functions of a conservator?
- Take charge of the assets, liabilities and management of a bank or quasi-bank
- Reorganize the management
- Collect all monies and debts due to it
- Exercise all powers necessary to restore the bank or quasi-bank’s viability
What are the functions of a receiver?
- Immediately gather and take charge of all the assets and liabilities of the institution
- Administer the assets and liabilities for the benefit of its creditors
- Exercise the general powers of a receiver under the Revised Rules of Court
Give 3 examples of Privilege Information.
- Attorney-client privilege information
- Doctor-patient privilege information
- Marital privilege information
- Priest-confessor privilege information
- Auditor-client privilege information
