The Bangko Sentral ng Pilipinas identified priority bills for the 19th Congress to improve the banking system of the country.
The Bangko Sentral ng Pilipinas (BSP) is pushing for the enactment by the 19th Congress the bills on bank deposits secrecy bill, the proposed Financial Accounts Regulation Act, the SIM card registration and the digital payments.
The Bank Deposits Secrecy Bill seeks to strengthen the banking system’s capacity in countering tax evasion, money laundering, and other financial crimes effectively. The BSP said this measure would encourage people to deposit their money in banks and prevent private hoarding so that funds can be effectively utilized by banks in permitted loans to aid in the country's economic development.
Back in the 18th Congress, BSP also supported the passage of House Bill (HB) No. 8991, which seeks to amend Republic Act No. 1405 or the Secrecy Bank Deposits Law. The bill allows the central bank to examine bank deposits if there is a reasonable suspicion of fraud, substantial irregularity, or illicit activity.
Meanwhile, the proposed FARA seeks to improve consumer protection and increase punishments for financial cybercrime. The proposed law aims to regulate and prevent the use of bank accounts and e-wallets for criminal purposes.
BSP also supports the SIM Card Registration Bill to deter the spread of SIM-card-assisted crimes such as bank fraud and text scams, especially since text scams have been frequently emerging.
Lastly, the Digital Payments bill which BSP strongly supports because of its advocacy to digitalize the financial transactions for inclusion. This fosters the adoption of secure, affordable, and efficient digital payments in government financial transactions, especially since the world is currently being modernized and this has been the method used during the years of the pandemic to avoid physical contact.
The BSP's support in the 18th Congress resulted in the passage of legislative reforms targeted at strengthening consumer protection and improving the delivery of and access to financial products and services.
These proposals include the Agriculture, Fisheries, and Rural Development Financing Enhancement Act of 2022, the Financial Products and Services Consumer Protection Act, revisions to the Philippine Deposit Insurance Corporation charter, and the Financial Institutions Strategic Transfer Act.
Similarly, BSP Governor Felipe M. Medalla said that “the BSP will work with the 19th Congress for the passage of the above priority bills to boost public trust and confidence in the country’s financial and payment systems.”
Tags: #BSP, #Banking, #Financial, #Bills