BSP Memorandum (10 January 2000)
SANCTIONS FOR VIOLATION OF P.D. NO. 717 (AGRI-AGRA LAW)
(NAR) VOL. 11 NO.1 / JANUARY – MARCH 2000
[ BSP MEMORANDUM, January 10, 2000 ]
SANCTIONS FOR VIOLATION OF P.D. NO. 717 (AGRI-AGRA LAW)
Under its Resolution No. 1684 dated November 19, 1999 the Monetary Board decided to defer the implementation of administrative sanctions for non-compliance with agri-agra credit requirement under P.D. No. 717, as provided under Circular No. 216 dated November 10, 1999, as follows:
1. A warning shall be issued to all banks reported with violation as of June 30, 1999 to strictly comply with the mandated credit allocation requirement of P.D. No. 717;
2. Non-monetary sanctions shall be imposed on banks with reported violations as of December 31, 1999; and 3. Monetary sanctions shall be imposed on banks with reported violations as of quarter-end March 31, 2000. Please be guided accordingly. Adopted: 11 Jan. 2000
(SGD.) ALBERT V. REYES Deputy Governor