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Money service businesses are now under BSP control

The Bangko Sentral ng Pilipinas has placed money service businesses within the ambit of its regulation and the Anti-Money Laundering Act (AMLA).

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From Inquirer.net

Majority of households in PH still unbanked

Many Filipinos still rely on informal channels for their borrowings, while almost two out of every five households use their ATM cards as collateral for borrowings, such that the Bangko Sentral ng Pilipinas is urging intensified financial inclusion efforts to bring more borrowers into the formal sector.

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BSP issues regulation enabling banks to expand service delivery channels

In line with the thrust of the Bangko Sentral ng Pilipinas to create an enabling regulatory environment for innovations and allow banks to exponentially expand reach and serve clients more efficiently, the Monetary Board recently approved the guidelines for new bank service channels and relaxed existing regulations on deposit taking activities outside bank premises.

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