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Bangko Sentral gets tough on savings and loan entities.
(From BusinessWorld (Philippines))
Byline: Karen L. Lema
The Bangko Sentral ng Pilipinas has clamped down on the operations of loosely regulated savings and loan industry to better protect the financial interests of its members.
Non-stock savings and loan associations going into financial troubles will be better prevented through Circular No. 497 which tightened the central bank guidelines on the computation and release of available dividends.
The circular specifically mandates these entities to deduct from the amount available for cash dividends unbooked valuation reserves and other unbooked capital adjustments required by the Bangko …
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