246 ISSUANCE OF BONDS AND COMMERCIAL PAPERS
a. The bank must have a CAMELS composite rating of at least “3” and a “Management” rating of not lower than “3”;
b. The bank has no major supervisory concerns in governance, risk management systems, and internal controls and compliance system; and
c. The bank has complied with directives and/or is not subject of specific directives and/or enforcement actions by the Bangko Sentral.
a. Notification letter signed by the president or officer of equivalent rank, indicating the amount and the terms of the bond/commercial paper issuance. The letter shall also include the funding plan of the bank in the next three (3) years considering its strategic direction and business model. The funding plan, at the minimum, shall contain how the planned issuance factors into the funding plan;
b. Secretary’s certificate on the approval of the board of directors on the bond/commercial paper issuance;
c. Certification signed by the bank’s president or officer of equivalent rank and chief compliance officer, that the bank has complied with the prudential criteria as provided in this Section, and the relevant requirements of the SRC and other pertinent rules and regulations of the SEC; and
d. Written Undertaking to enroll and/or trade the bonds in a market which is organized in accordance with SEC rules and regulations.
(Circular No. 1010 dated 09 August 2018)