The Bangko Sentral ng Pilipinas (BSP) restored its authority to obtain data from any person or entity for statistical and policy development purposes as part of the amendments to Republic Act 11211, or the Central Bank Law.
In justifying the proposal during the information campaign, Arifa A. Ala, BSP Financial Supervision Sector managing director, said: “As financial regulator, the BSP is further enhancing its supervision and examination framework in alignment with the BSP charter amendments as well as international best practices.”
“The reason for the amendment also is not only to be active but to be proactive. Let’s not wait for a crisis to happen. As early as now we have to strengthen the authority of the central bank so it can respond effectively and promptly when crisis happens,” Deputy Director of Economic Research Sittie Butocan added.
The bank is also increasing its capitalization from P50 billion to P200 billion which will be sourced from dividends declared by BSP in favor of the national government. This is part of the enhancement of its institutional capacity and corporate viability.
Also, under the amendment, BSP is exempted from paying taxes on income derived from its governmental function.
BSP General Counsel and Senior Assistant Governor Elmore O. Capule said the amendments will enhance the central bank’s capacity to promote price stability, financial stability and a safe and reliable payments.
The New Central Bank Act was enacted last February.
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