385 REGULATORY RELIEF FOR BANKS UNDER REHABILITATION PROGRAM APPROVED BY THE BANGKO SENTRAL

385 REGULATORY RELIEF FOR BANKS UNDER REHABILITATION PROGRAM APPROVED BY THE BANGKO SENTRAL

Banks may be allowed to charge their outstanding unbooked allowance for probable losses directly to retained earnings, on one-time basis, subject to the following conditions:

a. That this is in connection with a comprehensive rehabilitation program approved by the Bangko Sentral; and

b. The effects thereof, if these had been charged to profit and loss, shall be fully disclosed in the audited financial statements, annual reports and published statement of condition.