Practice question
State the statutory definition of banks and explain why every lender is not necessarily a bank.
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
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