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!
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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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