BSP CIRCULAR NO. 387

: It covers the remittance of collections, repayments, and arrearages on rediscounted loans with the Bangko Sentral ng Pilipinas (BSP).
: The loan value of the borrower's rediscounted promissory note, including accrued interest, shall be debited against the bank's demand deposit account with the BSP.
: Banks are required to maintain a sufficient balance in their demand deposit accounts with the BSP equivalent to maturing rediscounting obligations.
: Their rediscounting privileges will be suspended and all their existing loans with the BSP shall be immediately due and demandable.
: A penalty of 1/10th of 1% per day of delay on unremitted collections or delayed remittance, starting from the day after the prescribed deadline, with a maximum penalty of P30,000.00 per day.
: Yes, in addition to monetary penalties, certain non-monetary sanctions are imposed but the details are not specified in the text provided.
: No, the imposition of penalties does not prejudice the criminal sanctions against the culpable persons under existing laws.
: It took effect immediately upon its adoption on May 19, 2003.
: Subsection X269.7.b and the opening paragraph of Subsection X269.10.a.
: It was issued pursuant to Monetary Board Resolution No. 573 dated April 24, 2003, by the Bangko Sentral ng Pilipinas.