Bangko Sentral identifies priority bills to boost banking system

ABS-CBN News

Posted at Oct 04 2022 02:45 PM

MANILA - The Bangko Sentral ng Pilipinas on Tuesday said it has listed several priority bills for the 19th Congress which are meant to boost the banking sector and support digital payments. 

Amendments to the Bank Deposits Secrecy Bill, the proposed Financial Accounts Regulation Act (FARA) and the SIM Registration Bill as well as the Digital Payments Bill were identified as priorities by the BSP, it said in a statement.

"The BSP will work with the 19th Congress on the passage of priority bills that are expected to boost public trust and confidence in the country’s financial and payment systems,” BSP Governor Felipe M. Medalla said. 

Proposed amendments to the Bank Deposits Secrecy law aim to strengthen the banking system's capacity against tax evasion, money laundering and other financial crimes, the central bank said.

Meanwhile, FARA will strengthen consumer protection and impose higher penalties for financial crimes. It also seeks to regulate the use of bank accounts and e-wallets to prevent illegal acts.

BSP said it is also pushing for the passage of the Digital Payments Bill, which would guide the safe, affordable and efficient use of digital payments in financial transactions with the government.

The central bank has also been pushing for the SIM registration bill which is meant to curb SMS-linked crimes, bank fraud and text scams. 

The bill was approved by both chambers of the Congress and is awaiting the approval of the president.

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