Bill seeks changes to central bank act

PHILIPPINES - A senator has filed before the Senate a measure that seeks to amend the charter governing the Bangko Sentral ng Pilipinas (BSP).

Sen. Ramon B. Magsaysay, Jr., chairman of the Senate Committee on Banks, Financial Institutions and Currencies, filed Senate Bill No. 2051, or the proposed Act Amending the New Central Bank Act, to make the BSP's charter relevant to recent developments in the financial system.

"Many changes in the Philippine financial system have taken place... Despite t