HALISTER1: Philippine Central Bank Seeks Capital, Reserves Vs FX Swings

Philippine Central Bank Seeks Capital, Reserves Vs FX Swings

(Bloomberg) -- Bangko Sentral ng Pilipinas is seeking additional capital of 150b pesos under proposed changes to its charter, Deputy Governor Vicente Aquino says in interview.
  • BSP also wants to have reserves against open-market operation costs and FX swings
  • Regulator also wants supervision over currency dealers, money-transfer and financial-technology companies to protect consumers and to combat money laundering
  • NOTE: BSP’s charter was last amended in 1993 and efforts to update law in recent years not bearing fruit
  • Lifting of deposit secrecy law to allow examination by central bank, tax exemption, legal protection for personnel under duty and power to issue debt certificates also proposed
  • NOTE: Philippines to Toughen Nonbank Oversight for Money Laundering Link
  • NOTE: BSP s expanding its cyber-security unit, placing banks and money changers under tighter scrutiny Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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BSNZ PM (Bangko Sentral ng Pilipinas)

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Vicente Aquino (Bangko Sentral ng Pilipinas)

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