House okays new Philippines Central Bank Act

The House of Representatives approved on second reading Tuesday evening, a measure introducing amendments to the Central Bank Act. Jose Macario Laurel IV, the former chairman of the committee on banks and financial intermediaries, said the new Central Bank Act would improve the Bangko Sentral's effectiveness and strengthen its supervisory powers, in turn, promoting stability in the banking system.

The new Central Bank Act granted the Monetary Board the authority to provide a compensation struc