By Lee C. Chipongian
The Bangko Sentral ng Pilipinas (BSP) has amended the prudential requirements for big banks’ public offering and listing of shares in line with changes in the corporate governance rules implemented by the central bank.
Based on the circular (Circular No. 1060), the amendments are “aimed at supplementing the enhanced corporate governance framework of the BSP by encouraging dispersed shareholdings in banks,” said BSP Deputy Governor Francisco G. Dakila Jr. in the circular memo.
The BSP requires domestic universal banks to list their shares in the Philippine Stock Exchange within one year from the date the authority to operate as a universal bank license was granted.