Regulatory Alerts2025-08-22
Circular No. 1217: Amendments to the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions pertaining to the Adoption of the Global Master Repurchase Agreement-Based Reverse Repurchase and Repurchase Agreements
The Bangko Sentral ng Pilipinas (BSP) Monetary Board approved amendments to the Manual of Regulations for Banks (MORB) and Non-Bank Financial Institutions (MORNBFI) to adopt the Global Master Repurchase Agreement (GMRA) for its Reverse Repurchase and Repurchase Facilities. This circular mandates that Repurchase (RP), Reverse Repurchase (RRP), and Overnight Lending Facility (OLF) transactions with the BSP will now be governed by the GMRA, and also updates the Standard Operating Procedures for Philippine Holidays by replacing "Overnight RRP" with "RRP". Additionally, Appendix 35, which detailed the Schedule of Peso Real-Time Gross Settlements, is deleted, leading to consequential amendments in sections of the MORB concerning returned checks and their clearing windows.