Section 69
SEC. 69. In the case of Philippine branches of foreign banks, the provisions of this section shall replace those of sections twenty-two and thirty of this Act, except insofar as is specified to the contrary in the last paragraph of this section. In order to provide effective protection of the interests of the depositors and other creditors of Philippine branches of foreign banks, the head office of such branches shall fully guarantee the prompt payment of all liabilities of its Philippine branch. The Monetary Board shall from time to time direct the Superintendent of banks to make such investigations as it may deem necessary to ascertain that the aforesaid guarantee by the head office represents effective protection of the depositors and other creditors of the branch. Should the investigations of the Superintendent of banks indicate that said guarantee is in adequate, the Monetary Board may take such measures as it is authorized to take in the case of capital deficiencies, under the provisions of the third paragraph of section twenty-two of this Act. The Board may, further, as long as the guarantee of the head office is deemed inadequate, require the head office to assign to its Philippine branch an amount of capital sufficient to meet the minimum capital requirement established in section twenty-two of this Act. Nothing in this section shall be held to prevent a branch of a foreign bank from assignment capital to its Philippine branch, and from being governed by the provisions of section twenty-two or thirty, as the case may be, instead of by the provisions of this section. In such cases, the term "capital accounts" shall be held to include all net amounts due by the branch to its head office and to other branches thereof outside the Philippines.