The Monetary Board, in its Resolution No. 225 dated February 22, 1995, decided to amend the Manual of Regulations for Banks and Other Financial Intermediaries, Book I, so as to include financial and commercial complex projects (including land development and building constructed therein) arising from or in connection with the Government's privatization program among the non-allied undertakings eligible for investment by expanded commercial banks.

This Circular shall take effect immediately.

Adopted: 9 Mar. 1995

(SGD.) GABRIEL C. SINGSON
Governor