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Banking and Financial Sector Reforms: A Timeline

The Philippine banking and financial sector has undergone significant reforms over the years to strengthen its stability, efficiency, and competitiveness. This timeline provides a comprehensive overview of key legislations and issuances that have shaped the industry.

1997-2008

  • Republic Act 9238 (February 5, 2004): Amended certain sections of the National Internal Revenue Code, excluding several services from the coverage of value-added tax and re-imposing the gross receipts tax on banks and non-bank financial intermediaries performing quasi-banking functions.
  • Republic Act 9294 (April 28, 2004): Restored the tax exemption of Overseas Business Units (OBUs) and Foreign Currency Deposit Units (FCDUs).

2008-2012

  • Republic Act 9505 (August 12, 2008): Enacted the Financial Institutions Reform Act, which aimed to strengthen the financial sector by enhancing its supervision, regulation, and stability.
  • Republic Act 10354 (June 23, 2010): Amended RA 9505 to further improve the banking system and promote financial inclusion.

2012-2022

  • Republic Act 10641 (January 3, 2013): Enacted the Foreign Banks Act, which allowed foreign banks to operate in the Philippines and strengthened the country’s banking sector.
  • Bangko Sentral ng Pilipinas (BSP) Circular 858 (September 11, 2014): Amended relevant provisions of the Manual of Regulations for Banks implementing RA 10641.
  • Republic Act 11901 (July 28, 2022): Strengthened the financing system for agriculture, fisheries, and rural development by repealing RA 10000 or the Agri-Agra Reform Credit Act of 2009.

Presidential Decrees

  • Presidential Decree No. 114 (January 29, 1973): Regulated the establishment and operation of pawnshops.
  • Presidential Decree No. 129 (February 15, 1973): Governed the establishment, operation, and regulation of investment houses.
  • Presidential Decree No. 1034 (September 30, 1976): Authorized the establishment of an offshore banking system in the Philippines.

Frequently Asked Questions (FAQ) on BSP Issuances

  • Bangko Sentral ng Pilipinas (BSP) Circular 858: Amendments to relevant provisions of the Manual of Regulations for Banks implementing RA 10641.
  • BSP Circular 855: Guidelines on sound credit risk management practices; amendments to the Manual of Regulations for banks and non-bank financial institutions.

Other Issuances

  • Bangko Sentral ng Pilipinas (BSP) Circular 736: Mandatory agri-agra credit under RA No. 10000.
  • BSP Circular 730: True and transparent loan pricing and disclosure.
  • BSP Memorandum M-2012-034: Frequently Asked Questions on prohibition against non-residents from investing in the Special Deposit Account (SDA) facility of the BSP.

This timeline aims to provide a comprehensive overview of key legislations, issuances, and reforms that have shaped the Philippine banking and financial sector over the years.