MB enhances, realigns BSP licensing policy

The Monetary Board enhanced and streamlined the central bank’s licensing policy on supervised financial institutions to align the regulator with international best practices and improve the ease of doing business in the country.

In a statement over the weekend, the Bangko Sentral ng Pilipinas (BSP) said this development provides a more consistent risk-focused supervision in the licensing process under the enhanced Supervisory Policy on Granting of a License/Authority (Licensing Policy), and brings the central bank’s regulatory function on a par with global standards.