New law gives Bangko Sentral control over payment systemshome/Business/Top Business/New law gives Bangko Sentral control over payment systemsPresident Rodrigo Duterte has signed into law a bill allowing the Bangko Sentral ng Pilipinas (BSP) to regulate all payment systems in the country to increase efficiency and lessen risks in the financial system. Republic Act (RA) 11127 or “The National Payment Systems Act” was signed by the President on October 30 but only released to the media on Thursday, November 11. The central bank was also given the power to designate any payment system as “posing or has the potential to pose a systemic risk”. The law defines “payment systems” as “the set of payment instruments, whether tangible or intangible that enables a person to transfer funds.”“The designation of a payment system by the Bangko Sentral shall be effective until revoked,” RA 11127 states. The law also allows the BSP to own and operate payment systems as may be deemed necessary by its policymaking Monetary Board.

Source: Manila Times November 15, 2018 16:41 UTC