An Act Amending Section Twenty-Seven of Republic Act Numbered Three Hundred Thirty-Seven, Otherwise Known as the General Banking Act
General Banking Act
Year:
1967
Category:
Other
Date Approved:
June 17, 1967
Summary
Plain-language AI-assisted summary — not the official text. As of July 1, 2026. Read the full text below or on the official source.
This Act amends Section 27 of the General Banking Act, allowing commercial banks in the Philippines to establish branches both domestically and internationally with prior approval from the Monetary Board. It also stipulates the operational hours for banks and their branches.Full Text
REPUBLIC ACT No. 4910
An Act Amending Section Twenty-Seven of Republic Act Numbered Three Hundred Thirty-Seven, Otherwise Known as the General Banking Act
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
Section 1. Section twenty-seven of Republic Act Numbered three hundred thirty-seven, otherwise known as the General Banking Act, is hereby amended to read as follows:
Section 2. This Act shall take effect upon its approval.
Approved: June 17, 1967.
"Sec. 27. Any commercial bank organized under the laws of the Philippines may, with the prior approval of the Monetary Board, establish branches in the Philippines or branches and agencies outside the Philippines, and the bank shall be responsible for all business conducted in such branches to the same extent and in the same manner as though such business had all been conducted in the head office. The hours and times during which all types of banks with their branches and extension offices are to conduct and transact their business shall not exceed eight hours a day to be selected by the banking institution concerned between eight o’clock in the morning to eight o’clock in the evening, which time shall be reported to the Monetary Board.
"For the purposes of this Act, a bank and its branches shall be treated as a unit."
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Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.