Section 11Sec./Art. 11

Section 28 of the same Act is hereby amended to read as follows:

"Sec. 28. Examination and Fees. - The supervising and examining department head, personally or by deputy, shall examine the operations of every bank and quasi-bank, including their subsidiaries and affiliates engaged in allied activities, and other entities which under this Act or special laws are subject to Bangko Sentral supervision, in accordance with the guidelines set by the Monetary Board taking into consideration sound and prudent practices: Provided, That there shall be an interval of at least twelve (12) months between regular examinations: Provided, further, That the Monetary Board, by an affirmative vote of at least five (5) members, may authorize a special examination if the circumstances warrant.

"The institution concerned shall afford to the head of the appropriate supervising and examining departments and to his authorized deputies full opportunity to examine its books and records, cash and assets and general condition and review its systems and procedures at any time during business hours when requested to do so by the Bangko Sentral: Provided, however, That none of the reports and other papers relative to such examinations shall be open to inspection by the public except insofar as such publicity is incidental to the proceedings hereinafter authorized or is necessary for the prosecution of violations in connection with the business of such institutions.

"Supervised institutions shall pay to the Bangko Sentral, no later than May 31 of each year, an annual supervision fee as may be prescribed by the Monetary Board. In determining the amount of the annual supervision fee, the Monetary Board shall consider the costs of supervision."