288 RECORDING AND REPORTING OF BORROWINGS

288 RECORDING AND REPORTING OF BORROWINGS

The bank’s liability for papers discounted and/or rediscounted “with recourse” with the Bangko Sentral and/or other financial institutions shall be recorded and shown as “Bills Payable” in all reports submitted to the Bangko Sentral.

The loans and discounts, bills purchased, acceptances and other accounts affected by such discounting and/or rediscounting transactions shall remain as part of the bank’s loan portfolio. A footnote in the financial statement shall indicate the outstanding balances of the discounted and/or rediscounted loans.