5 money-service operators banned from BSP registration
MANILA, Philippines — The Bangko Sentral ng Pilipinas has disqualified five money-service businesses from registering with the central bank after finding that they had operated without authorization.
The Monetary Board's order also covers any sole proprietorships owned or controlled by the businesses' operators, the BSP announced Monday, October 26.
Four of the businesses are in Metro Manila and nearby areas: Shara-P Money Changing Services, Downtown Money Changer, Ponio Money Changing Services and JNJ Money Changing Services.
The fifth, Jamelah-Arham Gift Shop, is based in Davao del Sur.
Money-service businesses are nonbank companies engaged in remittances, money changing or foreign-exchange dealing. They must obtain BSP authorization to operate.
Disqualification rules for both banks and non-bank insitutions were last amended in December 2025, where temporary disqualifications were given an effectivity period of five years.
Online money lenders are not currently within the central bank's jurisdiction. The Securities and Exchange Commission, however, is seeking the transfer the oversight of these companies, a move backed by FinTech Alliance, the country's largest financial technology industry group.
- Latest
- Trending
