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Amended Central Bank Charter in Cebu City
« on: September 20, 2019, 05:25:52 PM »
BSP CONDUCTS INFO CAMPAIGN ON AMENDED CENTRAL BANK CHARTER IN CEBU CITY

The Bangko Sentral ng Pilipinas (BSP) conducted a regional information campaign on “Republic Act No. 11211, or An Act Amending Republic Act No. 7653, Otherwise Known as the ‘New Central Bank Act’, and for Other Purposes” today at the Marco Polo Plaza in Cebu City.

The information campaign aims to promote better appreciation of the Amended BSP Charter among bankers, the media and regional stakeholders. This is in line with the BSP’s promotion of stakeholder relations and its broader effort to bring central banking closer to the people.

For the Cebu briefing, the resource persons were BSP Senior Assistant Governor and General Counsel Elmore O. Capule, Supervisory Policy and Research Deputy Director Atty. Noel P. Tianela, and Department of Economic Research Acting Deputy Director Joselito R. Basilio.  

According to Atty. Capule, “R.A. No. 11211 enhances the central bank’s capacity to promote price stability, financial stability, and a safe and reliable payments system. The law, which central bankers worked on for more than 20 years, is ultimately aimed at enhancing the economic and financial wellbeing of Filipinos.”

Atty. Taniela also explained that, “as a financial regulator, amendments to the BSP Charter are expected to enhance its offsite supervision and examination framework and provide expanded supervisory, examination and enforcement powers.”

The BSP will implement provisions of its amended charter amid an expanding economy. In his discussion of the Philippines’ growth story, Acting Deputy Director Basilio assured the audience that “the Philippines has built domestic sources of resilience to cushion against external and domestic challenges.”

Briefings on the Amended BSP Charter will also be conducted in the cities of Cagayan de Oro, Cebu, Iloilo, Batangas and Baguio.  The first leg of the briefing was held in Davao City last July.  

Apart from salient features of the Amended BSP Charter, the briefing also covered the provisions of the newly enacted Islamic Banking Law (Republic Act No. 11439), recent policy enhancements and initiatives on the supervision of the financial sector, and developments in the monetary and external sector.

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