MB grants regulatory relief to Zamboanga banks

The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) has granted temporary regulatory relief measures to banks with head offices and branches located in conflict-stricken Zambo- anga City.

In Resolution 1551 dated September 19, the MB said that among the temporary measures is the “exclusion of the loans of borrowers in the affected areas,” which should have been classified as past due loans under the Section 306 of the Manual of Regulations for Banks on September 9, and those becoming past due until November 8, from computation of the past due loan ratio.