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By Maricel E. Burgonio, Reporter
THE Bangko Sentral ng Pilipinas (BSP) has
decided to take over the Cash Management Center (CMC) from the
Bankers Association of the Philippines (BAP).
“The BSP will operate CMC as soon as
possible,” BSP Deputy Gov. Armando Suratos told reporters.
The Monetary Board decided to take over the
center once the legal issues are resolved.
The BSP is clearing up those issues to prepare
for its takeover of the center, a government official said.
“Everything is in limbo, but we’re prepared
to take over after the legal issues were resolved,” the official
said.
Under the initial plan, BAP is supposed to
operate the CMC but a series of reports in The Manila Times showed
that the Commission on Audit (COA) questioned its establishment.
In the said reports, Times sources said the
creation of the CMC requires the consent of Congress since the BSP
is a creation of law. This means a currency management function
should not be delegated to the private sector.
The official mentioned above said the BSP
proposed an arrangement with BAP to donate the machine to the
central bank, from which scheme the private sector will benefit in
return.
Banks will deposit with the CMC then the machine
will sort out fit and unfit bills, and count them.
The CMC is a site for the production of
banknotes and coins. It will facilitate the replacement of unfit
banknotes and strengthen implementation of BSP’s clean note
policy.
The center is designed to distribute currencies
to banks, contributing to savings for the industry in terms of their
transport costs as individual banks would no longer have to maintain
armored cars. The BSP held ground-breaking ceremonies for the
P152-million building in November 2004.
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