FOREIGN banks operating in the country that exceeded the so-called single borrower’s limit (SBL) will not be sanctioned by the Bangko Sentral ng Pilipinas (BSP) after its policymaking body offered them regulatory relief.

In a statement on Tuesday, the central bank said its Monetary Board granted regulatory relief to branches of foreign banks established in the Philippines prior to Republic Act (RA) 10641 by not imposing the sanctions prescribed under existing regulations for breaching the SBL until Dec. 31, 2021.