BSP supports 7 recovery, growth-enhancing bills

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno is again pushing for the quick approval of seven key legislative reforms and vows to work more closely with lawmakers, especially for the Agri-Agra proposed bill, before the 18th Congress ends ahead of the May elections.

BSP Governor Benjamin E. Diokno

“These reforms aim to strengthen the Philippine financial system, promote financial inclusion, enhance the delivery of financial services, address issues experienced by the public when using financial products and services, and support economic recovery and growth,” said Diokno on Thursday, March 3.

He stressed that the BSP “will continue to work closely with Congress, government agencies and relevant stakeholders on the enactment of these legislative reforms.”

The seven legislative measures that BSP support are: the Financial Products and Services Consumer Protection Act (or FCPA); the Agriculture, Fisheries and Rural Development Financing Enhancement Act of 2022 (or the Agri-Agra Bill); Amendments to the Philippine Deposits Insurance Corporation Charter (or PDIC Bill); Amendments to Republic Act No. 1405 (or Bank Deposits Secrecy Bill); Financial Accounts Regulation Bill (or FARB); the use of Digital Payments Act of 2022 (or Digital Banking Bill); and Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery Act (or the GUIDE Bill).

Diokno, in a press briefing updating the status of the seven bills, said three are now in the advanced stages of the legislative process but if he has to choose, he said he hopes that the Agri-Agra Bill will be approved before the 18th Congress closes.

So far, the Senate has approved on third reading the Agri-Agra Bill, the FCPA and the PDIC Bill which will place the PDIC under the BSP as an attached agency.

“The Senate is now preparing the enrolled FCPA and PDIC bills for the signature of the President (Rodrigo Duterte). Meanwhile, the Agri-Agra bill is for deliberation at the bicameral conference,” said Diokno.

The Lower House has approved on third reading the Digital Payments Bill and the GUIDE Bill while the Senate is deliberating on these measures, he said.

As for the Bank Deposits Secrecy Bill and the Financial Accounts Regulation Bill, both Senate and Congress are still deliberating on these two proposed measures.

Diokno said the BSP is also coordinating closely with other financial regulators and government agencies, as well as groups from the private sector for the enactment of the proposed measures.

The BSP said it will continuously provide technical input for bills relevant to the fulfillment of its mandates and sustainable economic growth.

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