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The Monetary Board, led by BSP Governor Amando M. Tetangco, Jr., welcomes its newest member, NEDA Director-General Augusto B. Santos.
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MB Members leading the ceremonial toast during the annual bankers' night on Jan. 14, 2010 at the Fort San Antonio Abad, BSP complex.
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Members of the Monetary Board (MB) view photo
The BSP's top officials and members of the Corporate Planning Office participate in the Bank's mid-year Organizational Performance Review in Baguio City on Aug. 15-16, 2009.
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The Department of Energy, as represented by its Secretary Angelo Reyes, Jr.,... read more
PHOTOS ARCHIVE
Statement of Secretary R. Bunye, 25 May 2008
Statement of Press Secretary Ignacio R. Bunye


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Statement of Secretary R. Bunye, 16 May 2008
Statement of Press Secretary Ignacio R. Bunye


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Statement of Secretary R. Bunye, 29Apr 2008
Statement of Press Secretary Ignacio R. Bunye


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Statement of Secretary R. Bunye, 25 Apr 2008
Statement of Press Secretary Ignacio R. Bunye


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Statement of Secretary R. Bunye, 23 Apr 2008
Statement of Press Secretary Ignacio R. Bunye


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Statement of Secretary R. Bunye, 14 Apr 2008
German traders eye investments in medical tourism, maritime personnel development
PGMA bats anew for Senate approval of JPEPA
PGMA to convene Regional Wage Boards
Press Secretary and Presidential Spokesperson Ignacio R. Bunye Statement on SWS survey
PGMA witnesses unloading of seven truckloads of rice from Mindoro
Statements of Secretary Ignacio R. Bunye

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Statement of Secretary R. Bunye, 12 Apr 2008
Statement of Secretary Ignacio R. Bunye: From Usec Edwin Enrile in Geneva
PGMA to witness the initial unloading of plentiful summer rice harvest of Mindoro
PGMA’s 11,000 “Botika ng Brgy” stores serve 25 M Filipinos with half-priced medicine
PGMA inaugurates Monday unique Cancer Institute in Batangas
PGMA to release P290-M to complete “monument to corruption” bridge in Abra
RP report to UN Human Rights Council in Geneva applauded
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MORE STATEMENTS

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• GOVERNMENT DIRECTORY
• MEDIA DIRECTORY
• GOV'T AND OTHER WEBSITES
• PRESIDENTIAL DIRECTIVES AND ISSUANCES

 

As a member of the official delegation during the State Visit, I was conferred by the Spanish King the Gran Cruz de Isabel Catolica. I proudly wore the decoration during the Gala Dinner tendered by King Juan Carlos and Queen Sofia in honor of PGMA.

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Time for BSP charter change
September 30, 2013
Atty. Ignacio R. Bunye

Year in and year out, the Bangko Sentral ng Pilipinas has been recommending to Congress proposed amendments to its 20-year- old charter.

The proposed amendments can be grouped into three categories: a. amendments that would strengthen BSP’s monetary stability function; b. amendments that would strengthen BSP’s financial stability function; and c. amendments which would strengthen BSP’s corporate and financial viability.

The usual bills are filed in both houses at the start of every session of Congress. The routine committee hearings are held. But somehow the BSP-proposed legislative agenda always gets relegated to the background and never gets past the Committee stage.

This year, BSP officials are a bit more optimistic. Word from Senate President Franklin Drilon has been encouraging. The BSP charter amendment is now reportedly among the legislative priorities of the present Congress.

The Bangko Sentral ng Pilipinas (BSP) may be getting plenty of positive reviews and awards these days for its remarkable work in our economy, but this does not mean there is no longer room for improvement.

The challenge is to continue getting better and to keep in step with the developments in our globalized economy.

In the recently held 10th BSP Media Lecture Series, BSP Deputy Governor Vicente S. Aquino explained how the BSP can better perform its constitutional mandates of promoting and maintaining monetary and price stability in the country through the sought-after charter amendments.

To improve its corporate and financial viability, the BSP proposes to institutionalize an additional capitalization of P150 billion on top of the P50 billion that the BSP charter provides. Of the P50 billion, only P40 billion has been paid in so far.

BSP also calls for a. the restoration of its tax exemption (a privilege enjoyed by most central banks); b. flexibility in establishing adequate loss allowances and reserve buffers; and c. enhancements to its credit operations.

These proposed provisions aim to offset BSP’s heavy burden (mostly interest expense) incurred by the BSP as it tries to keep inflation low and stable.

Another salient feature of the proposed bill involves the strengthening of BSP’s monetary stability function.

The BSP seeks the restoration of the authority to obtain data from any private person/entity, the authority to issue its own negotiable certificates of indebtedness even during normal times, and the removal of thresholds in the growth of monetary aggregates and credit.

If approved, these provisions will enable BSP to come up with more responsive monetary policy since it will now have access to more relevant, reliable, timely, and comprehensive data on the economy.

With its own debt securities, meanwhile, the BSP will have greater flexibility in its open market operations.

Focus on monetary aggregates is now given less weight in analyzing and evaluating inflationary pressures.

The proposed amendments also seek to give more power to the BSP as the supervisor and regulator of financial institutions.

BSP hopes to make financial stability as an official mandate of the BSP along with monetary stability and price stability.

To strengthen BSP’s supervisory authority, the proposed amendments seek to expand its jurisdictions to cover other financial institutions such as money changers and remittance agents; to grant authority to BSP to impose sanctions on transfers and acquisitions of substantial shares of banks/quasi banks without BSP approval; to enable a flexible conduct of risk-based supervision; and to impose stronger sanctions like the forfeiture of profits from unauthorized financial transaction.

BSP also seeks to improve its resolution mechanisms for problematic financial institutions. BSP suggests the lifting of the bank secrecy law in aid of BSP examination activities. Finally, BSP bats for legal protection for BSP officials and staff while performing their official duties.

Given the magnitude of BSP’s responsibilities in a rapidly evolving economic and financial landscape, it is about time that Congress gives more than perfunctory attention to the amendment of BSP’s charter.

Note: My book, Central Banking for Every Juan and Maria is now available in main branches of Fully Booked, Power Books, National Book Store, and University of the Philippines Press.

You may e-mail us at totingbunye2000@gmail.com. Past articles may be viewed at http://speakingout.ph/speakingout.php.

 

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Time for BSP charter change
30 September 2013
Tribute to Sir and Ma'am
23 September 2013
Partners in promoting financial stability
16 September 2013
Financial advisor
09 September 2013
BSP in times of calamities
02 September 2013

27 August 2011
Speech of MBM Ignacio R. Bunye
before the Muntinlupa Retired Teachers' Association Incorporated
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27 June 2011
Speech of MBM Ignacio R. Bunye
before the Manila Police District
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07 November 2009
Speech of MBM Ignacio R. Bunye
before the Kiwanis Club of Salitran
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24 September 2009
Speech of MBM Ignacio R. Bunye
before the Kiwanis Club of Muntinlupa
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25 August 2009
Speech of MBM Ignacio R. Bunye
before the Association of Certified Public Accountants in Public Practice (ACPAPP)
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14 March 2009
Speech of MBM Ignacio R. Bunye
before the Bankers Institute of the Philippines (BAIPHIL)
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20 July 2007
Speech of Press Secretary Ignacio Bunye
duringthe KBI-NBN International
Co-Production Workshop
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14 March 2007
Inspirational Message of Secretary
Ignacio R. Bunye Before members of PAPI
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08 March 2007
Speech of Press Secretary and Presidential
Spokesman Ignacio R. Bunye before the
Rotary Club of Pasig City
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29 Sept 2006
Opening Statement of Secretary
Ignacio R. Bunye: Press Con, National
Federation of filipino American Associations
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16 Aug 2006
Speech of Press Secretary Ignacio R. Bunye
Fellowship Dinner of the 14th Metro Manila
Business Conference
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02 July 2006
Speech of Press Secretary Ignacio Bunye
during the Induction Program of the
Rotary Club of Uptown Dagupan 2006
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SPEECHES ARCHIVE