BSP Governor Eli M. Remolona, Jr. and CDA Chairman Joseph B. Encabo inked the MOA at the BSP Head Office in Manila amid the celebration of the National Cooperative Month this October. The MOA sets out the arrangement between the BSP and CDA for the concurrent oversight and regulatory approach as well as the exchange of information to facilitate discharge of their respective mandates. The approach will also avoid regulatory arbitrage and enhance the transparency and accountability of the cooperative sector,” BSP Governor Eli M. Remolona, Jr. said. The BSP is mandated under the National Payment Systems (NPS) Act to exercise oversight over NPS, which includes aforesaid covered cooperative. The cooperative oversight initiative provides coordination between the BSP and government agencies to avoid gaps, inefficiencies, duplication, and inconsistencies in regulations.

Source: The Guardian October 23, 2023 16:25 UTC