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The House of Representatives approved Tuesday the Senate approval a measure increasing the capitalization of Bangko Sentral ng Pilipinas (BSP) Having voted in favor of the third and final reading of Bill 7742, the "Act to Strengthen the Business Sustainability of PASB, Strengthening its Function of Monetary and Financial Stability and Strengthening its Regulation," 219 legislators voted in favor of Powers, amending goal RA 7653 or the New Central Bank Act. "
The purpose of the bill is to improve the administration of the country's monetary, banking and banking system.
It also aims to strengthen the oversight, regulation and powers of the PASB. Bangko Sentral's prudential, the bill proposes to extend entities under its supervision to other categories of financial institutions and to authorize sanctions on transfers and acquisitions of substantial shares of banks and quasi-banks without BSP approval 19659003] In addition to the additional capitalization, the measure aims at restoring the tax-exempt status of the BSP, notably for its governmental functions
The amendments also include the granting to the BSP of the authorization to establish provisions for sufficient losses and buffer reserves for the BSP
The bill aims to achieve and maintain stability This is important for preserving the purchasing power of Filipinos and ensuring the convertibility of the peso into goods and services, allowing the BSP to issue its own securities, as well as obtaining information from the non-bank private sector.
The bill also removes In addition, the measure provides legal protection for public servants and staff of the PASB in the performance of official duties similar to those granted to officials and employees of the PDIC.
The measure will improve credit operations by granting a tax exemption to judicial proceedings relating to collateral obtained from banks similar to those enjoyed by the Land Bank of the Philippines, and the authorization to supplement legal staff in extrajudicial seizure mortgaged property.
Samar Rep. Ben Evardone, chairman of the House Committee on Banks and Financial Intermediaries, said that "Over the past 25 years, the breadth and complexity of Bangko Sentral's responsibilities has magnified by the growth of the business. Philippine economy and the expansion of its financial system The capitalization of Bangko Sentral, which remained fixed at 50 billion pesos, is clearly insufficient to meet the requirements of a central bank in the middle of the year. a growing economy and the increasing complexity of the financial system. "
Evardone added: Two decades after the promulgation of its charter, the Bangko Sentral experienced significant changes in the banking and financial environment that also required significant changes in its own operational landscape. These changes necessarily call for parallel changes in the Bangko Sentral Charter. "
He said that the measure" will help turn the Bangko Sentral into a more efficient and dynamic central monetary authority that can follow the requirements of its mandate. "[19659003]
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