The Philippine Competition Commission (PCC) and the Bangko Sentral ng Pilipinas (BSP) on Friday signed an agreement expected to foster competition amid a changing banking industry landscape. Both agreed to create a streamlined set of rules that will expedite mergers and acquisitions of distressed BSP-supervised financial institutions and those under the Consolidation Program for Rural Banks. “The Consolidation Program for Rural Banks is covered under the agreement. There is a special arrangement between the BSP and PCC for that program,” Bangko Sentral Deputy Governor Chuchi Fonacier said. “The PCC and BSP have common interests in the regulation of bank and non-bank financial institutions.

Source: Manila Times December 22, 2017 18:09 UTC