The peso closed lower at P47.76 to the US dollar Tuesday, ( June 1) from P47.695 the previous day. The weighted average rate appreciated to P47.666 from P47.723. Total volume amounted to $1.124.1 billion according to the Bankers Association of the Philippines.
BusinessWorld
June 1, 2021 | 8:29 pm
REUTERS
EASING THE BANK secrecy law should be an immediate priority to demonstrate a commitment to transparency and toughening regulation of money laundering, corruption, and tax evasion, according to the Philippine Chamber of Commerce and Industry (PCCI).
“The PCCI believes the government needs stronger monitoring and enforcement tools to fight tax evasion and other financial crimes. And this could only happen if the country’s stringent bank secrecy law is amended,” the country’s largest business organization said in a statement Tuesday.
House Bill 8991 amends Republic Act No. 1405 or the Secrecy of Bank Deposits Law. The measure will expand the supervisory powers of the Bangko Sentral ng Pilipinas (BSP) by allowing it to look into the deposit accounts of bank shareholders, owners, directors, officers or employees in the course of investigating closed banks, given reasonable grounds to suspect fraud, serious irregula
The peso closed higher at P47.695 to the US dollar Monday, (May 31) from P47.80 last Friday. The weighted average rate appreciated to P47.723 from P47.901. Total volume amounted to $878.5 million according to the Bankers Association of the Philippines.
Industry, business groups push for easing of Bank Secrecy Law bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.