Bangko Sentral charter improvement measure signed into law

MANILA, Philippines – President Rodrigo Duterte has signed into law a measure which provides improvements to the Bangko Sentral ng Pilipinas (BSP) Charter.

In a tweet Friday, Senator Francis Escudero, one of the authors of the bill in the Senate, thanked Duterte for signing the bill.

“I would like to thank PRRD, the members of the Senate & House of Reps, as well as the Congressional & BSP staff, who worked tirelessly for the passage into law of RA 11211 w/c provides for far reaching amendments/improvements to the BSP Charter to keep up with the changing times,” Escudero said.

Bangko Sentral ng Pilipinas (INQUIRER FILE FPHOTO)

Executive Secretary Salvador Medialdea confirmed the signing of the law in a text message to reporters.

The new law also gives the BSP more teeth in imposing administrative and criminal sanctions, to include, among others, forfeiture of profits from unauthorized financial transactions.

Aside from Escudero, the co-authors of the measure in the Senate are Senate President Pro Tempore Ralph Recto, Minority Leader Franklin Drilon, and Sens. Joseph Victor Ejercito and Juan Edgardo Angara. / gsg