Close  

Bangko Sentral charter improvement measure signed into law

/ 09:52 PM February 15, 2019

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.

ADVERTISEMENT

“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.

bsp-bangko sentral ng pilipinas-inquirer file photo

Bangko Sentral ng Pilipinas (INQUIRER FILE FPHOTO)

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

The BSP’s expanded supervisory power will now include other categories of financial institutions and full flexibility to conduct risk-based supervision of financial institutions.

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

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Local news, Malacañang, Nation, national news, New Central Bank Act, news, Philippine news update, Rodrigo Duterte
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.