refers to the ratio of capital to risk weighted assets computed in accordance with the risk-based capital adequacy framework (patterned after the 1988 Basel Capital Accord) that took into account credit risks, effective 1 July 2001 under BSP Circular No. 280 dated 29 March 2001. Under BSP Circular No. 360 dated 3 December 2002, which took effect 1 July 2003, applying only to universal/commercial banks, computation of CAR incorporates market risks in addition to credit risks.