MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) needs to adapt various international best practices in banking supervision to better protect the interest of depositors, a senior legislator said over the weekend.
“Experience in the past highlighted the inability of the Bangko Sentral ng Pilipinas to deal effectively and expeditiously with problem banks. The authority of the BSP over problem banks, in general, is limited to the grant of emergency advances in case of illiquidity, or closure in case of insolvency. Prompt corrective actions cannot be implemented due to the absence of clear and strong legal basis,” said Angara.
He said through the amendments of its charter, the BSP can use “transparency mechanism” to supervise formal and informal remittance firms.
“This, in turn, shall also protect overseas Filipinos from problematic practices in money transfer,” said Angara, who filed proposals seeking to amend the BSP charter.
The proposal allows BSP to adopt various international best practices in banking supervision to strengthen the regulatory and supervisory powers of the BSP over banks and other financial institutions.
Measures include giving the BSP the authority to approve transfers or acquisitions of shares in a supervised institution, to prescribe guidelines for the examination of supervised authorities, and to direct existing stockholders to infuse additional capital or in case of their inability or refusal.
It also seeks to prescribe additional and transparent grounds for bank closure announcement of unilateral closure, suspension of payment of deposit substitutes, or inability to pay liabilities as they become due.
Furthermore, Angara’s proposal seeks to indemnify BSP personnel for cost and expenses incurred by them in connection with any civil, administrative or criminal action, suit or proceedings.
“This proposal is aimed at providing better protection to the public, particularly the depositors and creditors of BSP’s supervised institutions,” Angara said. –Iris C. Gonzales (The Philippine Star)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
