MORNBFI Vol. 1 - Planters Development Bank

§§ 4336Q - 4340Q08.12.31accommodations have been reduced towithin the herein prescribed ceilings;b. Disqualification of the directorsvoting for the approval of the loan or creditin excess of any of the ceilings prescribed inSecs. 4330Q and 4331Q from participatingin the approval of loans or credit to officers,directors, and stockholders of the QB:Provided, however, That the disqualificationmay be lifted by the BSP, as thecircumstances warrant;c. Application of (1) the borrowingdirector’s or officer’s share in the QB’s profitsharing program and (2) the share of thedirector voting for the approval of the loanor credit accommodation against the excessof such loan or credit accommodation overany of the herein prescribed ceilings for suchperiod of time as may be approved by theMonetary Board; andd. For the duration of each violation,imposition of a fine of one-tenth of onepercent (1/10 of 1%) of the excess over theceilings per day but not to exceed P30,000a day on (1) the lending QB and thedirector, officer, or stockholder whoseborrowing exceeds his individual ceilingand (2) each of the directors voting for theapproval of the loan or credit accommodationin excess of any of the ceilings prescribedin Secs. 4330Q and 4331Q.The penalty for exceeding the individualceiling, aggregate ceiling and ceiling onunsecured loans shall be computed on theaverage amount of loans in excess of saidceilings during the same week.Secs. 4337Q - 4339Q (Reserved)Sec. 4340Q (2008 - 4366Q) Bank DOSRIRules and Regulations Applicable toGovernment Borrowings in Government-Owned or - Controlled Quasi-Banks. Theprovisions of Secs. X326 to X337 of theManual of Regulations for Banks (MORB),to the extent applicable, shall also apply toloans, other credit accommodations, andguarantees granted to the NationalGovernment or Republic of the Philippines,its political subdivisions andinstrumentalities as well as GOCCs, subjectto the following clarifications:a. Loans, other credit accommodations,and guarantees to the Republic of thePhilippines and/or its agencies/departments/bureaus shall be considered: (1) non-risk;and (2) not subject to any ceiling;b. Loans, other credit accommodations,and/or guarantees to: (1) GOCCs; and(2) corporations where the Republic of thePhilippines, its agencies/departments/bureaus, and/or GOCCs own at leasttwenty percent (20%) of the subscribedcapital stock shall be considered indirectborrowings of the Republic of thePhilippines and shall form part of theindividual ceiling as well as the aggregateceiling: Provided, That the following loans,other credit accommodations, and/orguarantees to GOCCs and corporationswhere the Republic of the Philippines, itsagencies/departments/bureaus, and/orGOCCs own at least twenty percent (20%)of the subscribed capital stock, shall beexcluded from the thirty percent (30%)ceiling on unsecured loans under Secs.X330 and X331 of the MORB:(1) Loans, other credit accommodations,and/or guarantees for the purpose ofundertaking priority infrastructure projectsconsistent with the Medium-TermDevelopment Plan/Medium-Term PublicInvestment Program of the NationalGovernment, duly certified as such by theSecretary of Socio-Economic Planning;(2) Loans, other credit accommodations,and/or guarantees granted to participatingfinancial institutions (PFIs) in the lendingprograms of the government wherein thefunds borrowed are intended for relendingto other PFIs or end-user borrowers; and(3) Loans, other credit accommodations,and/or guarantees granted for the purposeof providing (i) wholesale and retail loansQ RegulationsPart III - Page 30Manual of Regulations for Non-Bank Financial Institutions