Here is the article rewritten in Markdown format:
BSP Releases New Guidelines for Bank Licensing Process
The Bangko Sentral ng Pilipinas (BSP) has introduced a new framework for the bank licensing process, aimed at streamlining and simplifying the application requirements for banks seeking to operate in the Philippines.
Overview of the Licensing Process
The licensing process consists of three stages:
- Stage 1: Submission of the application for authority to establish a bank.
- Stage 2: Submission of proposed Articles of Incorporation (AOI) and By-Laws (BL).
- Stage 3: Issuance of a Certificate of Authority (COA) to operate the bank.
The BSP has set a timeline of [insert number] working days for each stage of the process. A separate acknowledgment letter will be sent to applicants upon determination of completeness and sufficiency of their application in form and substance, signifying acceptance of the complete application and commencement of the processing timeline.
Stage 1: Submission of Application Package
During Stage 1, applicants are required to submit a comprehensive application package, including all necessary documentary requirements. Upon receipt of the application, the BSP will issue a provisional receipt and conduct a preliminary assessment to determine if the application meets the formal and substantive requirements of relevant laws, rules, and regulations.
Applications with incomplete documentation will be returned and considered “closed,” without prejudice to re-submission of the application with complete documentary requirements.
Stage 2: Review of Proposed AOI and BL
Upon completion of Stage 1, the BSP will issue a letter endorsing the applicant’s request to establish a bank, facilitating registration with the Securities and Exchange Commission (SEC).
In Stage 2, applicants are required to submit their proposed AOI and BL for review by the BSP. The SEC will not register the AOI and BL of any bank unless accompanied by a COA issued by the BSP.
Stage 3: Issuance of Certificate of Authority
Finally, in Stage 3, the BSP will issue a COA to operate the bank, subject to substantial compliance with the conditions of BSP approval and pre-operating requirements, including registration with the SEC and other regulatory agencies.
Guidelines for Foreign Banks and Islamic Banking License
The new guidelines also apply to foreign banks seeking to establish a branch or representative office/offshore banking unit (RO/OBU) in the Philippines. The application process for these entities consists of two stages: Stage 1, which involves the submission of an application for authority to establish a RO/OBU; and Stage 2, which requires the issuance of a COA to operate the RO/OBU.
The BSP has also established separate guidelines for applicants seeking an Islamic banking license. These guidelines are available on the BSP’s website.
Contact Information
For more information on the bank licensing process, applicants may contact:
- Supervisory Policy and Research Department
- Email: sprd@bsp.gov.ph
- Direct Lines: (+632) 8708-7514 or 8708-7516
- BSP Trunkline: (+632) 8811-1277 locals 2766, 2687 or 2679
- Islamic Banking Supervision Group
- Email: ibsg@bsp.gov.ph
- Direct Lines: (+632) 5306-2147 and 5306-2148
- BSP Trunkline: (+632) 8811-1277 Local: 2147 or 2148
- Islamic Banking Webpage: Bangko Sentral ng Pilipinas Islamic Banking (bsp.gov.ph)
Note
The BSP reserves the right to revise or modify these guidelines as necessary, and applicants are advised to check with the BSP for any updates or changes prior to submission of their application.