|
Wednesday, September 10, 2003
BSP allows coop banks
THE Bangko Sentral ng Pilipinas (BSP) has approved the establishment of new cooperative banks as an additional exemption to the general moratorium on the establishment of new banks.
The Monetary Board of the BSP came up with the decision during its regular meeting last Aug. 28, during which it also raised the minimum private paid-in capital for new cooperative banks at P5 million from the former P1.25 million.
Cooperative banks serve the banking and credit needs of cooperative members and other small businessmen, particularly those in the countryside.
In its website, the BSP said the minimum private paid-in capital for cooperative banks to be put up in Cebu and Davao will still be P10 million. The minimum for local cooperative banks in Metro Manila as well as for national cooperative banks is P20 million.
The two independent directors requirement as well as the “fit and proper rule” for directors and officers of such banks will also be applied.
National
According to the BSP, there is at present only one national cooperative bank in the country. This is the National Teachers and Employees Cooperative Bank operating in Cebu City.
There are 46 provincial cooperative banks, however, of which three are located in Central Visayas—one each in Cebu, Bohol and Negros Oriental.
There is only one local cooperative bank in Metro Manila, the Metro South Coop Bank. Reuel Flores, manager 2 of Loans and Credit Union of the Bangko Sentral ng Pilipinas (BSP) regional office in Cebu City, said those parties wanting to open cooperative banks in Cebu should send their applications to the BSP in Manila.
“The establishment of coop banks is handled by the Department of Rural Banks in Manila. There’s no unit in the BSP Regional Office (for this),” he told Sun.Star.
However, he said if interested applicants sent their applications to the regional office, it would take care of forwarding these to the Manila office.
In its website, the BSP said it “carefully balanced the government’s goal to have at least one cooperative bank in every province with the need to ensure viable operations of cooperative banks as well as the need to have a stable banking system.” CTL |
|
[ return
to top ]
[ home
]
|
LOCAL NEWS
BUSINESS
OPINION
SPORTS
LIFESTYLE
FEATURE
SUPERBALITA
WEEKEND
|
