Leyte second district Rep. Henry Ong heralded the recent signing of RA 11211, which is intended to strengthen the Bangko Sentral ng Pilipinas (BSP). The law is based on HR 7742, which the Leyte congressman authored.

“This new law enables the BSP to exercise even better supervision of the entire financial system, including the banks and financial intermediaries,” he explained in a release. “Filipino families are the biggest ‘gainers’ with this new law because the BSP is more empowered to protect the Philippine peso, bank deposits, investments, and savings.”

The law amends RA 7653, or The New Central Bank Act, and calls for stiffer penalties for misconduct exhibited by BSP officials and personnel.

“The amendments make it easier for the BSP to find out if bank officials and employees are doing things against the best interests of the depositors, clients, and the economy,” the congressman said. “These amendments incorporate what the BSP has learned about gaps in its supervision powers and how banks and financial intermediaries tried to wiggle through grey areas and loopholes in the past.”

The new law will reportedly be “better able to manage inflation through price stability.”

Part of the solution includes the BSP being provided with P50 billion in capital instead of P200 million as ascribed by the previous law.

“A stronger, upgraded, and more nimble Bangko Sentral ng Pilipinas is going to transform before all our eyes,” Ong vowed.

Among the legislators signing on to the original house bill included Negros Oriental first district Rep. Jocelyn Limkaichong and Negros Occidental fourth district Rep. Juliet Marie Ferrer./WDJ