MORNBFI Vol. 1 - Planters Development Bank

§§ 4304Q.110.12.31amounts and for the periods of timeessential for the effective completion of theoperation to be financed.Before granting loans or other creditaccommodations, a QB must ascertain thatthe borrower, co-maker, endorser, surety and/or guarantor, if applicable, is/are financiallycapable of fulfilling his/their commitmentsto the QB. For this purpose, a QB shall obtainadequate information on his/their creditstanding and financial capacities.In addition to the usual informationsheet about the borrower, a QB shall requirefrom the credit applicant the following:a. A copy of the latest Income TaxReturn (ITR) of the borrower and hisco-maker, if applicable, duly stamped asreceived by the BIR;b. Except as otherwise provided by lawand in other regulations, if the borrower isengaged in business, a copy of theborrower’s latest financial statements assubmitted for taxation purposes to the BIR;andc. A waiver of confidentiality of clientinformation and/or an authority of the QBto conduct random verification with the BIRin order to establish authenticity of the ITRand accompanying financial statementssubmitted by the client.The documents under Items “a” and ”b”above shall be required to be submittedannually for as long as the loan and/or creditaccommodation is outstanding.(Next Page is Part III- Page 7)Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart III - 6a