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MANILA - The House of Representatives on Monday overwhelmingly approved a measure that provides for the registration, regulation, and operation of cooperative banks. During the plenary session, a total of 156 lawmakers voted to approve House Bill 9541, which provides for the establishment, management, and regulation of cooperative banks under the supervision of the Bangko Sentral ng Pilipinas as primary regulator, conformably with the provisions of the General Banking Law of 2000. The bill seeks to expand the membership of cooperative banks by opening up the sector to foreign cooperatives, provided that such foreign cooperatives may not own more than 40 percent of the total outstanding voting shares of a cooperative bank. It shall authorize cooperative banks to engage in a wide range of financial services such as extending credit, deposit taking, discounting and rediscounting, correspondent banking, dealing in debt securities, acting as collection agent, dealing in foreign exchange tra

Bangko sentralHouse billGeneral banking lawAutomated teller machineCooperative codeManila the house of representatives on monday overwhelmingly approveda measure that provides for registrationNd operation of cooperative banks during the plenary sessionA total of 156 lawmakers voted to approve house bill 9541Hich provides for the establishmentNd regulation of cooperative banks under the supervision bangko sentral ng pilipinas as primary regulatorOnformably with the provisions of general banking law 2000 bill seeks to expand membership cooperative banks by opening up sector foreign cooperativesRovided that such foreign cooperatives may not own more than 40 percent of the total outstanding voting shares ofa cooperative bank it shall authorize banks to engage ina wide range financial services as extending creditDeposit takingIscounting and rediscountingCorrespondent bankingEaling in debt securities