The Chamber of Thrift Banks (CTB) is backing the amendments to the Bangko Sentral ng Pilipinas (BSP) Charter, saying that the proposed bill for that will be beneficial to the banking industry and the public.
“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,” CTB President Jose Teodoro Limcaoco said in a statement over the weekend.
He added that the chamber supports the policies and programs of the BSP that address the concerns and challenges surrounding the industry. Meanwhile, CTB Executive Director Suzanne Felix said that that the bill, in general, will be beneficial not only to the banking industry, but to the general public as well.
She said that the bill seeks to strengthen the tools which the BSP exercises in performing its mandates, including protecting savings of depositors.
“While the CTB recognizes that there has been some 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,” Felix stated.
The CTB official also said that concerns can be easily addressed by enhancing certain provisions of the bill without affecting the supervisory framework envisioned by the proposed law.
One of the proposals for the amendments to Republic Act 7653 or the New Central Bank of 1993 is the infusion of additional P150-billion capitalization for the BSP, on top of its recently completed P50-billion capitalization.