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July 24, 2020
Legislative priorities laid out by BSP for a thriving PHL financial industry
BY JASPER Y. ARCALAS OCTOBER 5, 2022
The 19th Congress was informed by the Bangko Sentral ng Pilipinas (BSP) of its legislative goals on Tuesday in order to "further support the stability" and "guarantee soundness" of the Philippine banking and payment systems.
The Financial Accounts Regulation Act (Fara), the SIM Card Registration bill, and the Digital Payments bill are four proposed pieces of legislation that the BSP supports, according to a statement from the central bank.
The proposed changes to the Bank Deposits Secrecy Act, according to the central bank, are intended to improve the banking system's ability to effectively combat tax evasion, money laundering, and other financial crimes.
The passing of House Bill (HB) 8991, which intended to provide "a comprehensive scrutiny of bank accounts with questionable activities," was backed by the BSP during the 18th Congress.
While seeking to control the usage of bank accounts and e-wallets and restrict their use for illicit activities, the central bank said that the planned Fara would increase consumer protection and impose heavier penalties for financial cybercrimes.
The BSP stated that it also supports the SIM Card Registration law, which aims to stop the spread of crimes including bank fraud and SMS scams that are made possible by subscriber identity module cards.
"Finally, the BSP pushes for the passage of the Digital Payments bill, which fosters the adoption of safe, affordable, and efficient digital payments in financial transactions with the government," it added. The BSP has long advocated for the digitalization of financial transactions and financial inclusion.
The BSP stated that with its assistance, a number of bills intended to "intensify" consumer protection and "improve" the provision of and access to financial goods and services were passed during the 18th Congress.
The following laws were among those that the BSP supported during the previous Congress: the Financial Institutions Strategic Transfer Act, the Financial Products and Services Consumer Protection Act, changes to the Philippine Deposit Insurance Corp.'s charter, and the Agriculture, Fisheries, and Rural Development Financing Enhancement Act of 2022.
According to the statement's quotation of BSP Governor Felipe M. Medalla, monetary authorities would collaborate with the 19th Congress to get priority laws passed that "are expected to strengthen public trust and confidence in the country's financial and payment systems."
The Financial Accounts Regulation Act (Fara), the SIM Card Registration bill, and the Digital Payments bill are four proposed pieces of legislation that the BSP supports, according to a statement from the central bank.
The proposed changes to the Bank Deposits Secrecy Act, according to the central bank, are intended to improve the banking system's ability to effectively combat tax evasion, money laundering, and other financial crimes.
The passing of House Bill (HB) 8991, which intended to provide "a comprehensive scrutiny of bank accounts with questionable activities," was backed by the BSP during the 18th Congress.
While seeking to control the usage of bank accounts and e-wallets and restrict their use for illicit activities, the central bank said that the planned Fara would increase consumer protection and impose heavier penalties for financial cybercrimes.
The BSP stated that it also supports the SIM Card Registration law, which aims to stop the spread of crimes including bank fraud and SMS scams that are made possible by subscriber identity module cards.
"Finally, the BSP pushes for the passage of the Digital Payments bill, which fosters the adoption of safe, affordable, and efficient digital payments in financial transactions with the government," it added. The BSP has long advocated for the digitalization of financial transactions and financial inclusion.
The BSP stated that with its assistance, a number of bills intended to "intensify" consumer protection and "improve" the provision of and access to financial goods and services were passed during the 18th Congress.
The following laws were among those that the BSP supported during the previous Congress: the Financial Institutions Strategic Transfer Act, the Financial Products and Services Consumer Protection Act, changes to the Philippine Deposit Insurance Corp.'s charter, and the Agriculture, Fisheries, and Rural Development Financing Enhancement Act of 2022.
According to the statement's quotation of BSP Governor Felipe M. Medalla, monetary authorities would collaborate with the 19th Congress to get priority laws passed that "are expected to strengthen public trust and confidence in the country's financial and payment systems."
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