THE SENATE on Monday passed on third and final reading the bill raising the capital of the Bangko Sentral ng Pilipinas (BSP) to P200 billion from P50 billion.
Senate Bill (SB) No. 1297 was approved with 15 affirmative votes, zero negative, and no abstention. It seeks to amend Republic Act No. 7653 or the law which establishes the BSP Charter.
The proposed measure provides for the P200-billion capital to be reviewed every five years and adjusted upon the joint recommendation of the Finance secretary, Budget secretary and the BSP’s policy-setting Monetary Board.
It also gives the BSP regulatory and examination powers over quasi-banking operations of non-bank financial institutions, money service businesses, credit granting businesses, and payment system operators.
Under the bill, meetings of the Monetary Board are also allowed to be conducted through “modern technologies” such as teleconferencing. The BSP governor may also appoint up to five deputy governors from the present three.
The BSP is also authorized to require any person and entities, including government agencies, any data “for statistical and policy development purposes in relation to” its functions and responsibilities. Data gathered will be subject to confidentiality laws.
The proposal also provides that only the Supreme Court and the Court of Appeals may issue temporary restraining order, preliminary injunction or preliminary mandatory injunction against the BSP for any action under its charter.
A BSP reserve fund is also established to mitigate future risks such as impacts of foreign exchange and price fluctuations.
SB 1297’s counterpart version in the House of Representatives, which also raised BSP’s capital to P200 billion, was approved on third reading last July. — Camille A. Aguinaldo