Live Breaking News & Updates on Nd Operation Of Cooperative Banks During The Plenary Session

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 Sentral , House Bill , General Banking Law , Automated Teller Machine , Cooperative Code , Manila The House Of Representatives On Monday Overwhelmingly Approveda Measure That Provides For Registration , Nd Operation Of Cooperative Banks During The Plenary Session , A Total Of 156 Lawmakers Voted To Approve House Bill 9541 , Hich Provides For The Establishment , Nd Regulation Of Cooperative Banks Under The Supervision Bangko Sentral Ng Pilipinas As Primary Regulator , Onformably With The Provisions Of General Banking Law 2000 Bill Seeks To Expand Membership Cooperative Banks By Opening Up Sector Foreign Cooperatives , Rovided 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 Credit , Deposit Taking , Iscounting And Rediscounting , Correspondent Banking , Ealing In Debt Securities , Cting As Collection Agent , Ealing In Foreign Exchange Transactions , Cting As Government Depository And Conduit Bank For Lending Programs , Nd Participating In Government Allocation Programs Geared Towards The Promotion Of Financial Inclusion Proposed Measure Shall Also Authorize Cooperative Banks To Invest Equities Allied Undertakings Such As , Inancial Institutions And Non Bank Financial Intermediaries Warehousing Other Post Harvest Facilities Distribution Of Farm Implements Equipment Transportation Agricultural Products , Utomated Teller Machine Network Operations , Public Transportation , Nd Financial Technology The Bill Prescribes Limitations On Lending Authority Ofa Cooperative Bank By Imposing Private Borrowingsa Ceiling Of 25 Percent Its Unimpaired Capital And Surplus It Seeks To Grant Incentives Privileges Banks Including , Mong Others , Xemption From All National And Local Taxes ,