62
JOURNAL
ANNEX Policy
OF PHILIPPINE
DEVELOPMENT
A (CONTINUED) Measures
Before
Reform
After
Reform
Date
Including contingent liabilities in the determination of the limit to which banks can lend to a single borrower or a group affiliated borrowers. Deposits of insiderborrower were protected by the Secrecy of Bank Deposits Law.
June
1993
of
Insider-borrower shah waive the secrecy of their deposits for examination purposes. Increasing the minimum capital requirements for banks. Latest: Universal banks: P2.25B Commercial banks Pl.125B Thrift banks - P150M Rural banks - P20M
IV.
Foreign Exchange Markets
1_ Foreign exchange trading
On-floor
2. Export receipts
Mandatory of foreign receipts.
surrender exchange
Off-floor through an electronic screened based network for sharing information and undertaking transactions.
December 1992
Foreign exchange earners may retain 100% of total receipts and.can use them
September 1992
freely without Central Bank authorization. 3_ Foreign exchange purchases
Limits on foreign exchange purchases such as travel, •educational expenses,
etc.
No limit.
prior
September 1992