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THE HOUSE Committee on Banks and Financial Intermediaries approved a bill calling for the partial lifting of the Bank Secrecy Law, which will include a provision to protect financial institutions from cases or suits in connection with deposit examinations.

House Committee on Banks and Financial Intermediaries Chairperson Junie E. Cua said in a phone interview with…

BANKS SHOULD USE their excess capital to expand their services instead of increasing fees for cash machine services, a lawmakers said, after the Bangko Sentral ng Pilipinas tweaked its rules on fees this month.

Anakalusugan party-list Representative Michael T. Defensor said in a statement on Thursday that banks have surplus capital since automated teller machine (ATM)…

THE BANGKO SENTRAL ng Pilipinas (BSP) has set up a Payments and Currency Management Sector (PCMS) headed by financial inclusion expert Mamerto E. Tangonan as deputy governor as it aims to make the country a cash-lite society by 2023.

“We established the PCMS to further bolster BSP’s capabilities in managing the interplay between digital money and…

The Securities and Exchange Commission (SEC) said its online payment system will be operational starting March 1.

The agency’s payment portal is a web-based system that allows for the payment of registration and other transaction fees, as well as penalties, online using debit and credit cards, digital wallets and other cashless payment options.

“With the SEC Payment…

WITH the recent establishment of the payments and currency management sector (PCMS), a financial technology (fintech) group hopes that online payments made to government agencies, such as taxes and monthly contributions, will be centralized immediately via an automated clearing house (ACH).

FintechAlliance.ph is expecting the new Bangko Sentral ng Pilipinas (BSP) department to “further expedite implementation…