A bank will qualify for membership if it wishes to:
- Acquire the capability of processing FIAT currencies and Gold Units (”GU”) as payment mechanisms;
- Promote the extension of payments using the GGMF BaaS platform and gold backed monetary units;
- Utilise a merchant card application for the processing of both FIAT currencies and GU.
- Avail itself of financial assistance/support where the bank is:
- technically insolvent;
- in breach of their reserve ratios; or,
- have been required to account for large losses in government bonds under the “mark to market” accounting rules and consequently require financial assistance to avoid a bank failure.
NOTE: The qualifying bank will be required to:
- Join the PAGB as a member;
- Utilise the new GGMF Banking as a Service (“BaaS“) platform;
- Implement an Employee Share Ownership Plan (“ESOP“);
- Provide GGMF or its nominee with a BIN Sponsorship Agreement;
- Appoint two (2) members to the board as nominated by GGMF; and,
- Allocate the shares issued for the Financial Assistance/Support to the Philippine Peoples’ Trust for the benefit of all the Filippino people of the Philippines.