BANGKO Sentral ng Pilipinas (BSP) Governor Felipe Medalla likened bank owners to public servants, saying the former's job is to protect their depositors' money.

In his speech during the launch of the book "Banking Laws of the Philippines — Annotated" at the Central Bank's main office in Manila on Friday night, Medalla underscored the need to update banking laws to cope with the rapid changes, both in the law and financial innovations.

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