BSP issues guidelines on NSSLA compensation

The Bangko Sentral ng Pilipinas (BSP) has released guidelines on the compensation and per diem of trustees, officers and employees of non-stock savings and loan associations (NSSLAs) to regulate and supervise their activities.

- KEISHA TA-ASAN

In Circular 1200 signed by BSP Deputy Governor Chuchi Fonacier on Sept. 6, the central bank said it added new sections to Chapter D of part one of the manual of regulations for non-bank financial institutions.

The guidelines were issued to lay down the minimum requirements and standards under which NSSLAs may operate, as well as prevent acts or practices that are prejudicial to members interests.

It also takes into account the relevant provisions of Republic Act 11232 or the revised Corporation Code of the Philippines and Sections 14 and 28 of RA 8367, or the revised NSSLA Act of 1997.

NSSLAs have one year from the effective date of the circular to amend any pertinent provisions of its by-laws and written policies to adhere to the guidelines.