CIRCULAR NO. 323

: It pertains to the limits on investments in the equities of financial allied undertakings by banks as prescribed by the Monetary Board under Resolution No. 306 dated February 28, 2002.
: Sections 25, 28, and 31 of Republic Act No. 8791.
: A Universal Bank can invest up to 100% in a single non-listed financial allied undertaking as a total subscribed capital stock.
: Yes, a Rural Bank can invest up to 100% in a non-listed financial allied undertaking.
: A publicly listed Universal Bank or Commercial Bank may own up to 100% of the voting stock of only one other Universal or Commercial Bank; otherwise, it must be a minority holding.
: Universal Banks, Commercial Banks, Thrift Banks, and Rural Banks all have a 49% limit in publicly listed financial allied undertakings.
: Insurance companies may invest up to 100% in financial allied undertakings but some limits are Not Applicable (NA) depending on the activity group.
: Yes, cooperative banks can invest with a limit of 30% in financial allied undertakings.
: The Monetary Board may further limit such investments to 40% to promote competitive conditions.
: No, all previously issued circulars inconsistent with Circular No. 323 are superseded by this circular.