Section 25
SEC. 25. Section sixty-eight of the same Act is hereby amended lo read as follows: "SEC. 68. In the case of a foreign bank which has more than one branch or agency in the Philippines, all such branches and agencies shall be treated as a unit for the purpose of this Act, and all references to Philippine branches and agencies of foreign banks shall be held to refer to such units. "Any foreign bank presently having branches and agencies in the Philippines shall, within one year from the effectivity of this Act, comply with any of the following options: (a) incorporate its branch or branches into a new bank in accordance with Philippine laws, in which case at least sixty per cent (60%) of the voting stock of the new bank shall be owned by citizens of the Philippines, or (b) assign capital permanently to the local branch with the concurrent maintenance of a 'net clue to' head office account which shall include all net amounts due to other branches outside the Philippines, in an amount which when added to the assigned capital shall at all time be not less than the minimum amount of capital accounts required for domestic commercial banks under Section twenty-two of this Act, or (c) maintain a 'net due to' head office account which shall include all net amounts due to other branches outside the Philippines, in an amount which shall not be less than the minimum amount of capital accounts required for domestic commercial banks under Section twenty-two of this Act. "The 'net due to' account under options (b) and (c) may be reduced correspondingly if the total risk assets of the branch are reduced: Provided, That the total of the account under option (c), and together with the assigned capital under option (b) meets the minimum capital accounts required under Section twenty-two of this Act: Provided, further. That in no case shall these amounts be less than the minimum capital requirement for new domestic commercial banks, The assigned capital and 'net due to' account may be maintained in such types of assets and under such conditions as the Monetary Board may prescribe. "In case of non-compliance with any of the above options within a period of one year from the effectivity of this Act, the local branch involved shall be subject to the same penalties as may be imposed on a domestic commercial bank pursuant to the provisions of Section twenty-two of this Act."