Philippines central bank backs 'vital’ reforms


The Central Bank of the Philippines (BSP) believes government proposals to quadruple its capital and expand its mandate will help "forge a stronger BSP".

A total of 11 bills were submitted to the Congress of the Philippines in October to update the Bangko Sentral ng Pilipinas (BSP) Charter that was enacted in – and remains unchanged since – 1993.

One of the headline reforms would, if passed, force the government to quadruple the central bank's capital from 50 billion pesos ($1.1 billion) to 200

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