MANILA – President Rodrigo Duterte has signed into law a measure that widens the powers of the Bangko Sentral ng Pilipinas.
Duterte on Feb. 14 signed “The New Central Bank Act” which increases the monetary authority’s paid-up capital to P200 billion from P50 billion.
The measure also expands the central bank’s regulatory powers to other non-bank financial institutions such as money service businesses, credit-granting businesses, and payment system operators.
Under the amended law, the BSP is granted expanded powers to impose administrative and criminal sanctions. It can also forfeit profits from unauthorized financial transactions.
The central bank can also impose sanctions on transfers and acquisitions of at least 10 percent of voting shares of banks and quasi-banks without its approval. (ABS-CBN News)
