Title.
Section 1
SECTION 1. Title. — This Act shall be known and cited as the "Thrift Banks Act of 1995."
RA 7906 (Thrift Banks Act of 1995) CHAPTER I - DECLARATION OF POLICY AND DEFINITIONS
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Declaration of Policy.
Section 2
SEC. 2. Declaration of Policy. — It is hereby declared the policy of the State to: Recognize the indispensable role of the private sector, to encourage private enterprise, and to provide incentives to needed investments; Promote economic development pursuant to the socioeconomic program of the government, to expand industrial and agricultural growth, to encourage the establishment of more private thrift banks in order to meet the needs for capital, personal and investment credit or medium- and long-term loans for Filipino entrepreneurs; Encourage and assist the establishment of thrift bank system which will promote agriculture and industry and at the same time place within easy reach of the people the medium-and long-term credit facilities at reasonable cost; Encourage industry, frugality and the accumulation of savings among the public, and the members and stockholders of thrift banks; and Regulate and supervise the activities of thrift banks in order to place their operations on a sound, stable and efficient basis and to curtail or prevent acts or practices which are prejudicial to the public interest.
Definition of Terms.
Section 3
SEC. 3. Definition of Terms. — For purposes of implementing this Act, the following definitions shall apply: "Thrift banks" shall include savings and mortgage banks, private development banks, and stock savings and loans associations organized under existing laws, and any banking corporation that may be organized for the following purposes: Accumulating the savings of depositors and investing them, together with capital loans secured by bonds, mortgages in real estate and insured improvements thereon, chattel mortgage, bonds and other forms of security or in loans for personal or household finance, whether secured or unsecured, or in financing for homebuilding and home development; in readily marketable and debt securities; in commercial papers and accounts receivables, drafts, bills of exchange, acceptances or notes arising out of commercial transactions; and in such other investments and loans which the Monetary Board may determine as necessary in the furtherance of national economic objectives; Providing short-term working capital, medium- and long-term financing, to businesses engaged in agriculture, services, industry and housing; and Providing diversified financial and allied services for its chosen market and constituencies specially for small and medium enterprises and individuals. "Monetary Board" shall mean the Monetary Board of the Bangko Sentral ng Pilipinas. "Bangko Sentral" shall refer to the Bangko Sentral ng Pilipinas created under Republic Act No. 7653.
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