The Central Bank of the Philippines issued Circular No. 226 amending the Manual of Regulations for Banks and the Manual of Regulations for Non-Bank Financial Institutions provisions on disqualification of directors and officers, updating when temporary disqualification starts and how individuals are delisted. Temporary disqualification now commences when the person is officially advised by the BSP and remains in effect for five years, after which the person is automatically delisted. Automatic delisting will not apply where the individual has a pending case before a court or administrative body, is under investigation by the Office of the General Counsel and Legal Services–Bangko Sentral, or where the Monetary Board determines, based on an assessment of fitness and propriety, that delisting should not be automatic; in these cases, the individual may request delisting with documentary proof (for example, an order, decision or clearance) that cases were decided in their favour or that they were cleared by the relevant body, including domestic financial regulators or similar foreign authorities. Persons known to be dead will be automatically delisted upon proof of death. The delisting provisions apply retroactively and take effect 15 calendar days after publication in the Official Gazette or in a newspaper of general circulation.
Central Bank of the Philippines 2025-12-15
Central Bank of the Philippines amends delisting rules for temporarily disqualified bank and quasi-bank directors and officers
The Central Bank of the Philippines issued Circular No. 226, amending regulations on the disqualification and delisting of directors and officers for banks and non-bank financial institutions. Temporary disqualification now begins upon official notification and lasts five years, with automatic delisting unless pending legal or investigative matters exist. Delisting provisions apply retroactively and take effect 15 days post-publication.