Letter from AmCham to Chairman Apostol re Rural Banks
August 31, 2011 at 08:51
In this letter dated August 19, 2011, the American Chamber of Commerce (a JFC member) expressed its support for the efforts made by the Committee on Banks and Financial Intermediaries, chaired by Hon. Sergio A.F. Apostol, to amend Republic Act 7353, or the Rural Banks Act of 1992. The AmCham also conveyed its support of the provisions in HBs 4805 and 4854 which allow foreign owners to be represented in the Board of Directors to the extent of their participation in the equity of the rural bank.
Republic Act 7353 provides that the capital stock of any rural bank shall be fully owned and held directly or indirectly by citizens of the Philippines or corporations, associations or cooperatives qualified under Philippine laws to own and hold such capital stock.
Click here to download the Letter to Chairman Apostol re Rural Banks in PDF format.
