Implementing rules for RA 10574 approved

To revitalize the rural banking industry in the country, the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) has approved the implementing rules of Republic Act (RA) 10574, or an Act Allowing the Infusion of Foreign Equity in the Capital of Rural Banks.

RA 10574— an amendment of RA 7352, or The Rural Banks Act of 1992—allows the entry of foreign equity into the country’s rural bank system.