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Comparison Chart of Thrift, Rural and Cooperative Banks and Nssla Thrift Banks Rural Banks Cooperative Banks Nsslas

This document provides a comparison chart of the key characteristics of thrift banks, rural banks, cooperative banks, and non-stock savings and loan associations (NSSLAs) in the Philippines. The chart outlines the purpose and state policy, intended clientele, organizational structure, board of directors composition, applicable supervision and regulations, investment limitations, tax exemptions, and exemptions from publication, notarial fees, and registration fees for each type of financial institution.

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Reginald Matt Aquino Santiago
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537 views1 page

Comparison Chart of Thrift, Rural and Cooperative Banks and Nssla Thrift Banks Rural Banks Cooperative Banks Nsslas

This document provides a comparison chart of the key characteristics of thrift banks, rural banks, cooperative banks, and non-stock savings and loan associations (NSSLAs) in the Philippines. The chart outlines the purpose and state policy, intended clientele, organizational structure, board of directors composition, applicable supervision and regulations, investment limitations, tax exemptions, and exemptions from publication, notarial fees, and registration fees for each type of financial institution.

Uploaded by

Reginald Matt Aquino Santiago
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
  • Comparison Chart of Thrift, Rural and Cooperative Banks and NSSLA

COMPARISON CHART OF THRIFT, RURAL AND COOPERATIVE BANKS AND NSSLA

THRIFT RURAL COOPERATIVE NSSLAs


BANKS BANKS BANKS
Purpose and To meet the needs for To promote comprehensive Provide financial, Encourage, frugality,
State Policy capital, personal and rural development with the banking and credit accumulation of savings
investment credit or end in view of attaining services to its members. among the members of
medium long-term loans [1] equitable distribution of nonstock savings and
for Filipino entrepreneurs opportunities, income and loan associations
and to promote and wealth;
courage private
enterprise. [2] sustained increase in
the amount of goods and
services produced by the
nation for the benefit of the
people; and

[3] expanding productivity


as a key to raising quality
of life for all especially the
underprivileged
Intended Businesses engaged in Meeting the normal credits To provide financial and To the members of the
Clientele agriculture, services, of farmers, fishermen or banking services to NSSLAs only (must be
industry and housing farm families owning or cooperative limited to a well-defined
especially for small and cultivating land dedicated to organizations and their group only)
medium enterprises and agricultural production as members
individuals well as the normal credit
needs of cooperatives and
merchants
Organization Must be a stock Must be a stock Must be a registrable Must be a non-stock and
corporation corporation cooperative itself non-profit association

Board of At least majority of the Non-Filipino citizens may Has a Board of Directors Has a Board of Trustees
Directors BOD must be Philippine become members of BOD composed of members
Citizens but limited to proportionate only
share of equity

Supervision Monetary Board of the BSP Monetary Board of the BSP “Under the supervision Monetary Board of the
has power of supervision has power of supervision of the BSP” BSP has supervision
Investment Equity Investment: Equity Investment: - Investment in Bonds
Limitations Allied enterprises only Allied enterprises only Up to 10% of Net Worth

Total equity investment: Total equity investment: Investment in real


Up to 25% Net Worth Up to 25% Net Worth property
Up to 5% of Net Worth
Single enterprise: Single enterprise:
Up to 15% Net Worth and Up to 15% Net Worth and Office equipment and
shall remain a minority shall remain a minority improvements
holding holding Up to 10% of Total
Capital Contribution
Exemptions Tax exemption except Tax exemption except Cooperatives shall enjoy Tax exemption on
corporation income tax corporation income tax and tax exemption in NSSLA’s income and
Tax and local taxes and fees local taxes and fees for 5 relation to their interest income from its
Exemption for 5 years from years from commencement transactions to their deposits (the law did not
commencement members (RA 9520) state a period)

Publication Exemption from Exemption from publication Exemption from [No provision in the law]
Requirement publication requirement if requirement if loan value publication requirement
loan value not exceeding not exceed P100K if loan value not exceed
P100K P250K

Notarial Fees If loan or transaction is If loan/transaction not [No provision in the law] [No provision in the law]
not exceeding P50 (fifty) exceeding P50,000

Registration If loan/transaction not If loan/transaction not [No provision in the law] [No provision in the law]
Fees exceeding P50,000 exceeding P50,000

From the Syllabus of Atty. Raymund Christian S. Ong Abrantes, CPA | Ateneo de Davao University College of Law | 2019-2020

From the Syllabus of Atty. Raymund Christian S. Ong

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