Halister News

(Bloomberg) -- Bangko Sentral ng Pilipinas to fortify oversight of nonbank financial institutions such as money changers and remittance cos. to strengthen anti-money laundering compliance, Deputy Governor Nestor Espenilla tells ABS-CBN News Channel in interview.

• Move is part of package of initiatives that also include liberalization of foreign currency rules
• Goal is not to starve nonbank money service businesses because they play role in financial inclusion
• “Our economy has greatly progressed, our reserves are at a record high and transacting cross border is a legitimate undertaking of our corporates and citizens,” Espenilla said when asked whether looser FX rules will make it easier to take dollars out of country; “We should take a more liberal stance on this matter”