Pursuant to Monetary Board Resolution No. 571 dated 23 April 2010, the pertinent provisions of Section X901.1 (Annual Fees on Banks) of the MORB and Section 4901Q.1 (Annual Fees on Quasi-Banks) MORNBFI are hereby amended to read, as follows:

SECTION 1. Section X901.1 (2008-X608.1) Annual Fees on banks of the MORB is hereby amended to read as follows:

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The rates of annual fees for banks beginning assessable year 2010 shall be as follows: 

a. UBs/KBs - 1/32 of 1% b. TBs - 1/32 of 1% c. RBs/CoopBanks - 1/45 of 1 %

multiplied by their AAAs: Provided, that the applicable rates for future assessable years shall be subject to review.

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SECTION 2. Section 4901Q.1 (2008-4652Q) Annual Fees on Quasi-Banks of the MORNBFI is hereby amended to read as follows:

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The annual fees for QBs beginning assessable year 2010 shall be one thirty-second (1/32) of one percent (1%) multiplied by their AAAs.

SECTION 3. Repealing Clause - This Circular supersedes/amends/modifies provisions of existing circulars, memoranda and/or regulations that are inconsistent herewith.

SECTION 4. Effectivity - This Circular shall take effect fifteen (15) days following its publication either in the Official Gazette or in a newspaper of general circulation.

For the Monetary Board:

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