Pursuant to Monetary Board Resolution No. 1578 dated 21 December 2006, the Manual of Regulations for Banks (MORB) is hereby amended, as follows:

SECTION 1. Subsec. X169.11 Other banking services for subsidiaries, affiliates and related companies of the MORB is hereby amended to read, as follows:

œA bank may be authorized, upon prior Monetary Board approval, to render the following services in favor of subsidiaries, affiliates and companies related to it by at least 5% common ownership:

x          x          x

o. Procurement;

p. Records coordination; and

q. Mailroom and general services subject to the following conditions:

x    x x 

SECTION 2.  The foregoing amendments shall likewise apply to corresponding provisions in the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).

This Circular shall take effect fifteen (15) days after publication in the Official Gazette or in a newspaper of general circulation.

Adopted: 12 Jan. 2007



(SGD.) AMANDO M. TETANGCO, JR.
Governor