The BSP was looking forward to implementing pro-consumer laws.
BSP — The Bangko Sentral ng Pilipinas was looking forward to implementing pro-consumer laws to benefit the banking public.
The central bank was looking forward to implementing two landmark legislations — the Financial Consumer Protection Act (FCPA) and the revised Philippine Deposit Insurance Corporation (PDIC) Charter.
BSP Governor Benjamin E. Diokno said in his weekly online press chat last February 3 that both bills were priority legislation of the central bank and will be enrolled and transmitted to the Office of the President for signature.
The proposed bills were unanimously passed in the Senate.
“I’d like to thank the senators for that,” Diokno said.
According to the BSP chief, the PDIC Charter will strengthen cooperation between the central bank and the Philippine Deposit Insurance Corporation, benefiting depositors.
The Philippine Deposit Insurance Corporation, an attached agency of the Department of Finance (DOF), will now be under the central bank.
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Based on a report on Manila Bulletin, Diokno noted last February 2 that the amendment to the Agri-Agra law was approved by the Senate on the 3rd reading.
According to the BSP chief, the proposed measure will help expand financing for the agricultural sector and MSMEs (micro, small and medium enterprises) by making it easier to extend loans to those sectors.
“We look forward to implementing these reforms,” said Diokno.
The amendment to the PDIC Charter was sponsored by Senator Sonny Angara, while the proposed FCPA was filed and pursued by Senator Grace Poe.
Diokno said that both measures will empower regulators such as the Bangko Sentral ng Pilipinas in order to “promote financial consumer welfare” and to “better protect the banking public”.
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