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Senator Win Gatchalian vowed to intensify inquiry into the possible involvement of banks and other financial institutions in money laundering cases linked to illegal activities of Philippine Offshore Gaming Operators (POGOs). For instance, Gatchalian questioned why banks failed to flag P7 billion in transactions that enabled former Mayor Alice Guo and her cohorts to build […]
Four Camarines Sur legislators made a stronger push for the prompt congressional approval of a measure that would enable roughly 10 million to 34 million unbanked Filipinos, many of them in faraway barrios without any banking presence, to finally open their own bank accounts, in support of the goals of the administration of President Ferdinand Marcos. […]
Senator Win Gatchalian recommended to the Department of Agriculture (DA) the opening of bank accounts for the beneficiaries of the fuel subsidy program to expedite the distribution of cash aid to farmers and fisherfolk and to jumpstart their financial inclusion and access to credit. Gatchalian likened the idea to his proposed Senate Bill No. 2251 […]
The Senate unanimously approved on third and final reading a bill amending the Philippine Deposit Insurance Corp. (PDIC) charter, making it an attached agency of the Bangko Sentral ng Pilipinas (BSP). Voting 23-0-0, the Senate passed during Senate Bill No. (SBN) 2365 or An Act Amending Sections 1, 3, 4, 5, 6, 7, 8, 9, […]
If ordinary employees guard their hard-earned money against pickpockets, banks should also make sure that cybercriminals don’t pick the digital wallets of those who gave them their pay for safekeeping, Senator Joel Villanueva said. “Payroll money entrusted by both employers and their workers should be kept safe at all times,” the chair of the Senate labor […]
To help ramp up the digitization of financial services in the country, Senator Win Gatchalian urged the Bangko Sentral ng Pilipinas (BSP) to enjoin more banks and electronic-money issuers (EMIs) to offer free online bank transfers and transaction fees. Gatchalian, the vice chairperson of the Senate Committee on Banks, Financial Institutions and Currencies, made the […]
Senator Grace Poe asked the Bangko Sentral ng Pilipinas (BSP) to exert its persuasive powers on banks to provide relief to consumers during the enhanced community quarantine (ECQ). “The BSP has lowered interest rates and provided banks regulatory relief. In the same way, it can encourage banks to provide their clients relief during these difficult […]
Holding banks accountable for the actions of their cash agents will provide better protection for consumers, especially those who rely on the “padala” of their relatives to help them get by during these trying times. Senator Grace Poe said the central bank’s push for financial inclusion will benefit from the necessary safeguards and encourage more […]
Makati City Representative Luis Campos Jr. is asking the Bangko Sentral ng Pilipinas (BSP) to consider deferring the implementation of a new automated teller machine (ATM) charging model that will cause user fees to spike up to 63 percent starting April. Campos, a member of the House committee on banks and financial intermediaries said it […]
Expressing concern over the reported non-compliance of some banks to the debt moratorium, Senator Win Gatchalian called on the Bangko Sentral ng Pilipinas (BSP) to investigate erring banks and make sure that they comply with the provisions under the Bayanihan 1 and 2 laws. As the country’s regulator of the banking industry, the BSP is […]