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Amendments to the Guidelines on Outsourcing

Amendments to the Guidelines on Outsourcing

BSP Circular No. 899 | 2016-01-18

BANGKO SENTRAL NG PILIPINAS
OFFICE OF THE GOVERNOR
 
CIRCULAR NO. 899 
Series of 2016

Subject: Amendments to the Guidelines on Outsourcing

The Monetary Board in its Resolution No. 2115 dated 18 December 2015; approved the following amendments in the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) on the guidelines on outsourcing. These guidelines shall be read in conjunction with the guidelines on operational risk management.

Section 1. Section X162 and all its subsections in the MORB shall now read as follows:

Section X162 Statement of Principle on Outsourcing. A bank may...