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(a)
(b)
(c)
(d)
(e)
(Section 74)
The Monetary Board shall determine the exchange rate policy of the country.
The Monetary Board shall determine the rates at which the Bangko Sentral
shall buy and sell spot exchange, and shall establish deviation limits from the
effective exchange rate or rates as it may deem proper.
The Monetary Board shall similarly determine the rates for other types of
foreign exchange transactions by the Bangko Sentral, including purchases
and sales of foreign notes and coins, but the margins between the effective
exchange rates and the rates thus established may not exceed the
corresponding margins for spot exchange transactions by more than the
additional costs or expenses involved in each type of transactions.
(Section 67)
The Bangko Sentral takes action when the international stability of peso is
threatened:
QUASI-BANKS
"Quasi-banks" shall refer to entities engaged in the borrowing of funds through the issuance,
endorsement or assignment with recourse or acceptance of deposit substitutes as defined in Section 95
of Republic Act No. 7653. (Section 4)
TRUST ENTITIES
Only a stock corporation or a person duly authorized by the Monetary Board to engage in trust business
shall act as a trustee or administer any trust or hold property in trust or on deposit for the use, benefit, or
behoof of others. For purposes of this Act, such a corporation shall be referred to as a trust entity.
(Section 79)
(PCI Bank vs. CA, 350 SCRA 446, PBCom vs. CA, G.R. No. 121413, 29 Jan.
2001)
The appropriate standard of diligence must be very high, if not the highest,
degree of diligence; highest degree of care.
(Reyes v. CA, G.R. No. 118492, Aug. 15, 2001)
This applies only to cases where banks are acting in their fiduciary capacity,
that is, as depository of the deposits of their depositors.
(Reyes v. CA, G.R. No. 118492, Aug. 15, 2001)
The degree of diligence required of banks, is more than that of a good father
of the family where the fiduciary nature of their relationship with their
depositors is concerned, that is, depositary of deposits. But the same higher
degree of diligence is not expected to be exerted by banks in commercial
transactions that do not involve their fiduciary relationship with their
depositors, such as sale and issuance of foreign exchange demand draft.
kept for safekeeping. (Tang Tiong Tick v. American Apothecaries, G.R. No. 43682,
Mar. 31, 1938)
6. Stipulation on interests
Any obligation of a bank which is payable at the office of the bank located
outside of the Philippines shall not be a deposit for any of the purposes of this
Act or included as part of the total deposits or of insured deposit. (Section 2,
RA 9576)
Subject to the approval of the Board of Directors, any insured bank which is
incorporated under the laws of the Philippines which maintains a branch
outside the Philippines may elect to include for insurance its deposit
obligations payable only at such branch. (Section 2, RA 9576)
b) Commencement of liability
Whenever an insured bank shall have been closed by the Monetary Board
pursuant to Section 30 of R.A. 7653, payment of the insured deposits on such
closed bank shall be made by the Corporation as soon as possible either (1)
by cash or (2) by making available to each depositor a transferred deposit in
another insured bank in an amount equal to insured deposit of such
depositor. (Section 14, RA 3591, as amended)
c) Deposit accounts not entitled to payment
(Section 2, RA 9576)
1.
2.
3.
4.
The Corporation shall not pay deposit insurance for the following accounts or
transactions, whether denominated, documented, recorded or booked as
deposit by the bank:
Investment products such as bonds and securities, trust accounts, and other
similar instruments;
Deposit accounts or transactions which are unfunded, or that are fictitious or
fraudulent;
Deposit accounts or transactions constituting, and/or emanating from, unsafe
and unsound banking practice/s, as determined by the Corporation
Deposits that are determined to be the proceeds of an unlawful activity as
defined under Republic Act No. 9160, as amended.
d) Extent of liability
The amount due to any depositor for deposits in an insured bank net of any
obligation of the depositor to the insured bank as of the date of closure but
not to exceed P500,00.00 per depositor.
e) Determination of insured deposits
The Corporation shall commence the determination of insured deposits due
the depositors of a closed bank upon its actual takeover of the closed bank.
The Corporation shall give notice to the depositors of the closed bank of the
insured deposits due them by whatever means deemed appropriate by the
Board of Directors: Provided, That the Corporation shall publish the notice
once a week for at least three (3) consecutive weeks in a newspaper of
general circulation or, when appropriate, in a newspaper circulated in the
community or communities where the closed bank or its branches are
located. (Section 16, RA 3591 as added by R.A. 9302)
f) Calculation of liability
(i) Per depositor, per capacity rule
The deposits in the bank shall be added together to maintain the same right and
capacity of the depositors benefit either in his own name and the name of the
others.
(ii) Joint accounts
(Section 4 (g), RA 3591)
A joint account regardless of whether the conjunction "and," "or," "and/or" is used,
shall be insured separately from any individually-owned deposit account. Provided,
that
(1) If the account is held jointly by two or more natural persons, or by two or
more juridical persons or entities, the maximum insured deposit shall be divided
into as many equal shares as there are individuals, juridical persons or entities,
unless a different sharing is stipulated in the document of deposit, and
(2) if the account is held by a juridical person or entity jointly with one or
more natural persons, the maximum insured deposit shall be presumed to belong
entirely to such juridical person or entity
The penalty of prision mayor or a fine of not less than Fifty thousand pesos
(P50,000.00) but not more than Two million pesos (P2,000,000.00), or both, at the
discretion of the court, shall be imposed upon any director, officer, employee or
agent of a bank.
(c) Prohibition against issuances of TROs, etc.
(Section 22, RA 3591)
No court, except the Court of Appeals, shall issue any temporary restraining order,
preliminary injunction or preliminary mandatory injunction against the Corporation
for any action under this Act. This prohibition shall apply in all cases, disputes or
controversies instituted by a private party, the insured bank, or any shareholder of
the insured bank.
The Supreme Court may issue a restraining order or injunction when the matter is of
extreme urgency involving a constitutional issue, such that unless a temporary
restraining order is issued, grave injustice and irreparable injury will arise.