World Bank backs more powers for Bangko Sentral

PHILIPPINES - The world Bank favours the legislation of stronger powers for the Bangko Sentral ng Pilipinas to intervene in cash-strapped banks as part of further reforms to improve the country's regulatory and supervisory framework.

In a regional report on East Asia released Wednesday night, the bank said additional fundamental reforms were needed in the Philippines to deal with problem banks "in a more timely and effective way."

Under the present system, local regulatory authorities face vari