Thrift banks back changes in BSP charter

MANILA, Philippines - The Chamber of Thrift Banks has expressed its support for the proposed amendments to the Bangko Sentral ng Pilipinas’ charter currently pending at the Lower House.

“The CTB is one with the BSP in its effort to address the most fundamental challenge of achieving and maintaining a strong financial system and rapid economic growth for the country,” Jose Teodoro Limcaoco, CTB president, said in a statement.

“The CTB supports policies and programs of the BSP that address the concerns and challenges surrounding the industry,” he added.

The BSP is pushing for changes on its 20-year-old charter. The central bank has asked for an additional capital of P150 billion and to be allowed to obtain data from any private person or entity, among others, in the context of performing its mandate of monetary, financial, and price stability.

“While the CTB recognizes that there has been concern raised by some sectors over certain provisions, CTB appreciates that there is a need to respond to contemporary challenges by amending the present BSP charter in order that the BSP remains effective in its conduct of monetary policy and supervision of financial institutions, and enable it to build a robust system,” Suzanne Felix, CTB director, said.

“These concerns can be easily addressed by enhancing certain provisions of the bill without affecting the supervisory framework envisioned by the proposed law,” she continued.

HB 3112, filed by Speaker Feliciano Belmonte Jr., remains pending at the Lower House. The bill is among those being rushed for plenary discussions at least before Congress adjourns on March 15.