‘De-risking’ putting pressure on remittances

The Bangko Sentral ng Pilipinas (BSP) said it is addressing the adverse impact of foreign banks’ de-risking activities to remittance costs, while conducting its own evaluation of the Philippines’ money laundering and terrorist financing vulnerabilities    and weaknesses.

This was the message of BSP Governor Amando Tetangco Jr. on Thursday during the Financial Inclusion Summit 2016 organized by the BPI Foundation, the corporate social responsibility arm of the Bank of the Philippine Islands (BPI).