Central Banking

Central Bank of the Philippines gets mandate to regulate payment systems

philippines-currency-coin

Payment systems in the Philippines will be regulated by the central bank from now on, following the passage of the National Payments Act.

Under the new legislation, the Central Bank of the Philippines will have an explicit mandate to license and oversee payment systems, and issue sanctions if necessary.

The central bank will “exercise supervisory and regulatory powers for the purpose of ensuring the stability and effectiveness of the monetary system”, the act says.

Currently, 99% of payments

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