Rule on bank officers’qualifications eased

Bangko Sentral ng Pilipinas (Central Bank of the Philippines). Wikipedia photo

MANILA — The Bangko Sentral ng Pilipinas eased the qualifications and requirements for a bank director’s appointment, in a circular released recently.

Exemptions to the previous rule requiring aspirant bank directors to attend a seminar on corporate governance signed by by BSP Governor Amando M. Tetangco Jr. on July 2.

This is in line with the new rules set by former Supreme Court justices which allows Filipino and foreign nationals serving as senior officials in central banks or financial regulatory agencies including former Monetary Board members to be exempted from the seminar attendance requirement.

Under BSP’s thrust of strengthening corporate governance, bank directors were previously required to attend seminars.

“Filipino citizens with recognized stature, influence and reputation in the banking community and whose business practices stand as testimonies to good corporate governance” are also exempted according to the circular.

The exemption also applies to foreign nationals who were previously part of the corporate governance training that included core topics in the central bank’s recommended syllabus.

Further, non-bank financial institutions supervised by the BSP such as pawnshops, investment houses, finance companies, investment firms, securities dealers and brokers, lending investors, non-stock savings and loan associations, credit card companies, and insurance companies were also granted similar exemptions.

The circular will be effective fifteen days after its publication in a news paper of general circulation.