301 GRANT OF LOANS AND OTHER CREDIT ACCOMMODATIONS
b. Loans to registered Barangay Micro- Business Enterprises (BMBEs);
c. Interbank loans;
d. Loans secured by hold-outs on or assignment of deposits or other assets considered non-risk by the Monetary Board;
e. Loans to individuals who are not required to file ITRs under BIR regulations, as follows:
(1) Individuals whose gross compensation income does not exceed their total personal and additional exemptions, or whose compensation income derived from one (1) employer does not exceed P60,000 and the income tax on which has been correctly withheld;
(2) Those whose income has been subjected to final withholding tax;
(3) Senior citizens not required to file a return pursuant to R.A. No. 7432, as amended by R.A. No. 9257, in relation to the provisions of the National Internal Revenue Code (NIRC) or the Tax Reform Act of 1997; and
(4) An individual who is exempt from income tax pursuant to the provisions of the NIRC and other laws, general or special; and
f. Loans to borrowers, whose only source of income is compensation and the corresponding taxes on which has been withheld at source: Provided, That the borrowers submitted, in lieu of the ITR, a copy of their Employer’s Certificate of Compensation Payment/Tax Withheld (BIR Form 2316) or their payslips for at least three (3) months immediately preceding the date of loan application;
g. Loans and other credit accommodations not exceeding P3.0 million; or
h. Loans to start up enterprise borrowers during the first three (3) years of their operations or banking relationship.
a. Non-immigrants holding visas issued under Secs. 9(d) and 9(g) of the Immigration Act of 1940, Special Investor’s Resident Visa (SIRV) and visas issued by the Philippine Economic Zone Authority: Provided, That such loans shall be limited to peso consumer loans including credit cards, auto loans and appliance loans, but excluding real estate or housing loans: Provided, further, That the lending bank institutes measures to mitigate credit risk such as requiring the submission of a Comfort Letter from the visa holder’s employer, limiting the term of the loan to the period of the visa’s validity, submission of SIRV identification card, as well as subjecting the visa holder to the usual credit processes/requirements; and
b. Embassy officials [foreign diplomats and career consular officials and employees who are physically residing in the Philippines for a term of one (1) year or more]: Provided, That such loans shall be limited to consumer loans, including credit cards, auto loans, appliance loans and others that may henceforth be allowed by the Monetary Board: Provided, further, That the lending bank institutes measures to mitigate credit risk such as requiring the submission of a Comfort Letter from the Embassy employing said officials.
a. the use or threat of violence or other criminal means to harm the physical person, reputation, or property of any person;
b. the use of obscenities, insults, or profane language which amount to a criminal act or offense under applicable laws;
c. disclosure of the names of borrowers who allegedly refuse to pay debts, except as allowed under this Section on Confidentiality of information;
d. threat to take any action that cannot legally be taken;
e. communicating or threat to communicate to any person credit information which is known to be false, including failure to communicate that a debt is being disputed;
f. any false representation or deceptive means to collect or attempt to collect any debt or to obtain information concerning a borrower; and
g. making contact at unreasonable/ inconvenient times or hours which shall be defined as contact before 6:00 A.M. or after 10:00 P.M., unless the account is past due for more than sixty (60) days or the borrower has given express permission or said times are the only reasonable or convenient opportunities for contact.
a. disclosure of information with the consent of the borrower or consumer;
b. release, submission or exchange of customer information with other financial institutions, credit information bureaus, lenders, their subsidiaries and affiliates;
c. upon orders of court of competent jurisdiction or any government office or agency authorized by law, or under such conditions as may be prescribed by the Monetary Board;
d. disclosure to collection agencies, counsels and other agents of the bank to enforce its rights against the borrower;
e. disclosure to third party service providers solely for the purpose of assisting or rendering services to the bank in the administration of its lending business; and
f. disclosure to third parties such as insurance companies, solely for the purpose of insuring the bank from borrower default or other credit loss, and the borrower from fraud or unauthorized charges.
a. First offense. Reprimand for the directors/officers responsible for the violation;
b. Second offense. Disqualification of the bank concerned from the credit facilities of the Bangko Sentral except as may be allowed under Section 84 of R. A. No. 7653;
c. Subsequent offense/s:
(1) Prohibition on the bank concerned from the extension of additional credit accommodation against personal security; and
(2) Penalties and sanctions provided under Sections 36 and 37 of R. A. No. 7653.