Bankers back amendments to "New Central Bank Act"

CEBU, Philippines - The Cebu Bankers Club fully supports the proposed amendments to the republic Act 7653 or “the New Central bank Act.”

The local group of bankers in Cebu lauded the bill recently submitted also known as the Senate Bill No. 871, or the “Act amending republic act number 7653 entitled the New Central Bank Act and for other purposes” and the related bills 6334, 5958 and 174 which are all promoting the amendments.

Through the amendments, CBC stated “that it will promote, oversee and maintain the stability of financial and payments systems of the country, which will contribute to the nation’s good economic order”.

John H. C. Salas, CBC president, said that they were pleased with the bill that is supporting the amendment of the current charter of the Bangko Sentral ng Pilipinas.

He said that it carries “clear benefits” for the banking industry.

Recently, the need for legislation was recognized to gear towards improving the aspects of BSP’s operations, which need priority attention.

Among the parts seen to be enhanced is strengthening the conduct of BSP’s monetary policy, boosting BSP’s supervisory and regulatory capabilities; and improving BSP’s overall ability to fulfill other central banking functions.

CBC’s Board passed a resolution dated October 13, 2009 showing their full support in the bills for final passage as priority economic legislation.

CBC is among the many group calling for the amendment and as priority economic legislation which was also made by other groups like the Bankers Association of the Philippines.