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Questions and Answers

On what date did Presidential Decree No. 72 adopt the recommendations of the Joint IMF-CB Banking Survey Commission which made a study of the Philippine banking system.

November 29, 1972

What are the FOUR essential elements of a bank's organizational structure?

• Suitable shareholders, • adequate financial strength, • legal structure • management with sufficient expertise and integrity

What is the minimum capital requirement for a universal bank?

4,950, 000 million pesos

The Bangko Sentral ng Pilipinas provides for basic guidelines in establishing a bank in the Philippines, which is divided into how many parts?

8 or Eight Signup and view all the answers

The Board of Directors is the policy-making body of the bank while the _______________________ is the key official or executive.

CEO or Chief Executive Officer Signup and view all the answers

Give at least 2 Qualifications of a director which the director shall have the following minimum qualifications

<ol> <li>He shall be at least twenty-five (25) years of age at the time of his election or appointment;</li> <li>He shall be at least a college graduate or have at least five (5) years of experience in business;</li> <li>He must have attended a special seminar for board of directors conducted or accredited by the BSP: Provided, That incumbent directors as well as those who will be elected after the approval of this circular must attend said seminar within a period of six (6) months from the date of this circular or from the date of their election, as the case may be; and</li> <li>He must be fit and proper for the position of a director of the bank/quasibank/trust entity. In determining whether a person is fit and proper for the position of a director, the following matters must be considered:</li> </ol> <ul> <li>Integrity/probity;</li> <li>Competence; - Education;</li> <li>Diligence; and- experience/training.</li> </ul> Signup and view all the answers

In 1939, as required by the _____ , the Philippine legislature passed a law establishing a central bank. As it was a monetary law, it required the approval of the United States president.

Tydings-McDuffie Act Signup and view all the answers

It came up with the rudiments of a bill for the establishment of a central bank for the country after a careful study of the economic provisions of the _____

Hare-Hawes Cutting Bill Signup and view all the answers

President _____ disapproved Tydings-McDuffie Act due to strong opposition from vested interests.

Franklin D. Roosevelt /Franklin Roosevelt Signup and view all the answers

What are the 3 forms that need to be accomplished as part of the application?

Application for Authority to Establish a Bank (Form No. 1) Agreement to Organize a Bank (Form No. 2) Accomplished bio-data sheet (Form No. 3) Signup and view all the answers