The regulatory regime applicable to banks
The GBL governs universal and commercial banking. Special laws or charters regulate the operations of the other banks, but the GBL still applies to them insofar as it is not in conflict with those laws or charters. In fact, the Philippine Cooperative Code of 2008 recognises the primacy of the GBL in the regulation of cooperative banks.
The rules implementing the various banking laws are embodied in the Manual of Regulations for Banks issued by the BSP. From time to time, additional circulars and other issuances are promulgated by the BSP to regulate new matters, if not to amend, repeal or otherwise modify existing rules.
The New Central Bank Act, which is the BSP charter, is applicable as it contains provisions on banking regulation in line with the mandate of the BSP as the primary overseer of banks in the Philippines. Relevant too is the Charter of the Philippine Deposit Insurance Corporation (PDIC), the insurer of bank deposits.