•  Banks are also required to provide a choice of a ‘no frills account’ where the minimum balance is nil or very small but having restrictions on number of withdrawals etc. to facilitate common man’s access to bank accounts. •  It has been clarified to banks that NRO accounts can be held jointly with residents.
Philippine banks’ exposure to the CDO  2  BIS Review 100/2007  market is a minuscule 0.2 percent of the total banking system’s assets, none of which have subprime mortgages as underlying assets.