MORNBFI Vol. 1 - Planters Development Bank

§§ 4902Q.2 - 4921Q09.12.31lapse of the fifteen (15)-day period shall beautomatically debited against thecorresponding DDA of the QB concerned:Provided, That if the balance of the entity’saccount is insufficient to cover the fines due,such fines shall be paid not later than thefollowing business day. For the purpose ofthis Section, business day means a day onwhich the BSP head office and the headoffice of the QB are open for business. Foruniform implementation of the aboveregulations, the procedural guidelinesembodied in Appendix Q-22 shall beobserved.(As amended by Circular Nos. 662 dated 09 September 2009and 585 dated 15 October 2007)§ 4902Q.3 (Reserved)§ 4902Q.4 (2008 - 4653Q.3) Check/demand draft payments to the BangkoSentral. QBs shall make all check anddemand draft payments for transactionsother than those required to be paid throughthe QBs’ DDA either to the BSP CashDepartment or to the BSP Regional Officesand Branches. Such payments shall beaccompanied by the appropriate form asshown in Appendix Q-22a. Payments notaccompanied by the required payment formsshall be presumed to be additions toreserves and shall be credited to the DDAof the paying QB.Check payments shall be value-datedwhen the check is cleared.(As amended by Circular Nos. 662 dated 09 September 2009and 585 dated 15 October 2007)Sec. 4903Q (2008 - 4604Q) Underwritingby Investment Houses. Underwritingcommitments and fees of IHs shall besubject to the rules issued by the SEC toimplement the provisions of P.D. No. 129,as amended (Appendix Q-18).Secs. 4904Q - 4920Q (Reserved)B. BANK AS COLLECTION/REMITTANCE AGENTSSec. 4921Q (2008 - 4660Q) Disclosure ofRemittance Charges and Other RelevantInformation. It is the policy of the BSP topromote the efficient delivery of competitivelypricedremittance services by banks and otherremittance service providers by promotingcompetition and the use of innovative paymentsystems, strengthening the financialinfrastructure, enhancing access to formalremittance channels in the source anddestination countries, deepening the financialliteracy of consumers, and improvingtransparency in remittance transactions,consistent with sound practices.Towards this end, NBFIs under BSPsupervision, including FXDs/MCs and RAs,providing overseas remittance services shalldisclose to the remittance sender and to therecipient/beneficiary, the followingminimum items of information regardingremittance transactions, as defined herein:a. Transfer/remittance fee - charge forprocessing/sending the remittance from thecountry of origin to the country ofdestination and/or charge for receiving theremittance at the country of destination;b. Exchange rate - rate of conversionfrom foreign currency to local currency, e.g.,peso-dollar rate;c. Exchange rate differential/spread -foreign exchange mark-up or the differencebetween the prevailing BSP reference/guiding rate and the exchange/conversionrate;d. Other currency conversion chargescommissions or service fees, if any;e. Other related charges - e.g.,surcharges, postage, text message ortelegram;f. Amount/currency paid out in therecipient country - exact amount of moneythe recipient should receive in local currencyor foreign currency; andManual of Regulations for Non-Bank Financial Institutions Q RegulationsPart IX - Page 3