Section 3Sec./Art. 3

Definition of Terms. - For purposes of implementing this Act, the following definitions shall apply:

a. "Thrift banks" shall include savings and mortgage banks, private development banks, and stock savings and loans associations organized under existing laws, and any banking corporation that may be organized for the following purposes:

1. Accumulating the savings of depositors and investing them, together with capital loans secured by bonds, mortgages in real estate and insured improvements thereon, chattel mortgage, bonds and other forms of security or in loans for personal or household finance, whether secured or unsecured, or in financing for homebuilding and home development; in readily marketable and debt securities; in commercial papers and accounts receivables, drafts, bills of exchange, acceptances or notes arising out of commercial transactions; and in such other investments and loans which the Monetary Board may determine as necessary in the furtherance of national economic objectives;

2. Providing short-term working capital, medium- and long-term financing, to businesses engaged in agriculture, services, industry and housing; and

3. Providing diversified financial and allied services for its chosen market and constituencies specially for small and medium enterprises and individuals.

b. "Monetary Board" shall mean the Monetary Board of the Bangko Sentral ng Pilipinas.

c. "Bangko Sentral" shall refer to the Bangko Sentral ng Pilipinas created under Republic Act No. 7653.

CHAPTER II - ORGANIZATION