The Monetary Board, in its Resolution No. 1356, dated September 24, 1999, decided to approve the eligibility of the Ten-Year Agrarian Reform Bond issued by the Philippine Government thru the Land Bank of the Philippines as allowable investments for the purpose of complying with the requirements on agrarian reform credit and agricultural credit under P.D. 717 subject to the conditions provided in Section X341.5 of the Manual of Regulations for Banks.

This Circular shall take effect immediately.

Adopted: 20 Oct. 1999

(SGD.) ALBERTO V. REYES
Officer-In-Charge