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Volume 1,
Series 1
Amendment to SEC X151 of the MORB on the Activities and Services allowable for Micro-Banking Offices

BSP Circular No. 901-2016

In line with the BSP’s onset to foster greater access to a varied spectrum of financial services for all Filipinos, the Monetary Board Resolution no. 2113 dated December 18, 2015 amends Section X151 of the Manual of Regulations for Banks (MORB) on the allowed activities for Micro-Banking Offices (MBOs).

The Bangko Sentral shall also bolster and maximize the imparting of proficient and competitive banking services, especially to underserved markets. Before the regular MBOs may be allowed additional non-transactional banking related activities and services to engage in, they must approve, open and accept micro-deposits, like an average daily savings account with a balance that wouldn’t exceed P40,000, unless the BSP approves a higher amount than the one specified above.

MBOs would also be subjected to these conditions - like certifying the timely accounting and proper recording of all their financial transactions, while observing adequate internal control procedures, to safe keep the funds and the reliability of financial and transaction records and reports. Lastly, banks should take into account MBOs’ activities as part of the compliance program.

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