Philippine Bar review · Question

Practice question: Definition and Classification of Banks

Multiple Choice Medium

Practice question

A corporation lends only its own owners’ capital and does not obtain funds as deposits. Does lending alone conclusively make it a bank under section 3.1?
  1. No, the deposit-funding element must also be established
  2. Yes, every lender is a bank
  3. Yes, every corporation is a bank
  4. Yes, if a loan earns interest
  5. Yes, if it prints bank on a leaflet

Legal references

  • https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html — RA 8791, sections 3 and 6
  • https://www.bsp.gov.ph/Regulations/Issuances/2020/c1105.pdf — BSP Circular 1105 (2020), digital-bank classification

Answer this question in flashcards to review your response and continue practicing.