From CapeNews.Net By ELIZABETH W. SAITO August 8, 2014 Forty years ago today, President Richard M.
Circular No. 678 (on provision of housing microfinance)
(enacted in 2010)
Circular No. 678 of 2010, issued by Bangko Sentral ng Pilipinas (BSP), provides rules and regulations governing the approval of housing microfinance products by banks in the Philippines.
This circular covers the following topics:
- Minimum criteria to determine banks’ capacity to offer housing microfinance,
- Basic product characteristics,
- Appropriate risk management,
- Application procedure, and
- Regulatory treatment.