Manual of Regulations for Banks (consumer protection-related)


(enacted in 2008)

The Manual of Regulations for Banks (MORB) of 2008, issued by the Bangko Sentral Ng Pilipinas, requires banks to strictly adhere to the provisions of the Truth in Lending Act No. 3765. It provides criteria to calculate the interest rates, and requires disclosure to depositors of the information on interest computation and payments, and display of the same information within the bank premises as well. It also has particular rules for Barangay Micro Business Enterprises (BMBEs), such as exemptions from the submission of certain financial information when applying for a loan.