PASAY CITY, Philippines – The Senate approved on third and final reading on Tuesday (August 28) a bill allowing the Bangko Sentral ng Pilipinas (BSP) to regulate all payment systems in the country.
With 20 affirmative votes, zero negative votes and no abstention, the senators agreed on Senate Bill No. 178 which aimed at increasing efficiency and lessening risks in the Philippines’ financial system.
Under the bill, the BSP would have the power to designate any payment system when such designation is necessary to protect the public interest.
The measure was sponsored by Senator Francis Escudero, chair of the Senate Committee on Banks, Financial Institutions and Currencies, and was authored by Senator Bam Aquino.
The bill, according to Escudero, would “link financial institutions together for the purpose of transferring monetary claims and settling payment obligations efficiently.”
Escudero cited as examples the central banks of countries like Singapore, Australia, Indonesia, Cambodia and Myanmar which have the mandate to oversee and regulate payment systems. – Marje Pelayo
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