Philippine Major Banking Laws

Question 1

AN ACT PROVIDING FOR THE REGULATION OF THE ORGANIZATION AND OPERATIONS OF BANKS, QUASI-BANKS, TRUST ENTTITES AND FOR OTHER PURPOSES

Answer 1

R.A. 8791 The General Banking Law of 2000

Question 2

shall refer to entities engaged in the lending of funds obtained in the form of deposits.

Answer 2

banks

Question 3

Banks shall be classified into:

Answer 3

a) Universal banks;
b) Commercial banks;
c) Thrift banks
d) Rural banks
e) Cooperative banks
(f) Islamic banks
(g) Other classifications of banks as determined by the Monetary Board of the BSP

Question 4

Republic Act No 6848

Answer 4

Islamic banks

Question 5

defined in Republic Act No 6938

Answer 5

Cooperative banks

Question 6

Republic Act No.7353

Answer 6

Rural Banks

Question 7

defined in Republic Act No 6848

Question 8

shall refer to entities engaged in the borrowing of funds through the issuance, endorsement or assignment with recourse or acceptance of deposit substitutes as defined in Section 95 of Republic Act No. 7653 (hereafter the “New Central Bank Act”) for purposes of re-lending or purchasing of receivables and other obligations

Answer 8

quasi-banks

Question 8

The provisions of the Corporation Code to the contrary notwithstanding, there shall be at least:

Answer 8

• five (5), and a maximum of fifteen (15) members of the board or directors of a bank
• two (2) of whom shall be dependent directors

Question 9

True or False

Non-Filipino citizens may become members of the board of directors of a bank to the extent of the foreign participation in the equity of said bank.

Answer 9

True

Question 10

An ____________________ shall mean a person other than an officer or employee of the bank, its subsidiaries or affiliates or related interests

Answer 10

independent director

Question 11

Philippine Major Banking Laws

Answer 11

• RA 8791 The General Banking Laws 2000
• RA 6426 Foreign Currency Deposit Act
• RA 1405 Secrecy of Bank Deposit Law
• RA 3765 Truth in Lending Act
• RA 3936 Unclaimed Balances Act
• RA 9160 Anti-Money Laundering Law
• RA 7653 New Central Bank Act
• RA 7741 An Act liberilizing the entry and scope of operations
• RA 10641 Allowing Full Entry of Foregin Banks in the Philippines