Please refer to BPRD Circular No. 09 dated July 13, 2007 regarding Guidelines on Outsourcing Arrangments.

2. These Guidelines prohibit the banks/DFIs/MFBs from outsourcing certain core activities, functions and processes that require effective involvement of the Board of Directors and the senior management on a continuous basis.

3. In this regard, it has been decided that any investment portfolio upto 15% of the equity of a bank/DFI/MFB will not be considered as core activity for the purpose of outsourcing arrangements under the above stated Guidelines.

4. All other instructions on the subject shall remain unchanged.

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