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P/$ rate closes at P48 605/$1

The peso closed  higher  at P48.605  to the US dollar  Wednesday, ( Feb. 24),  from  P48.64 the previous day. The weighted  average rate  appreciated   to  P48.637   from P48.701.  Total volume amounted  to  $1.187.3 billion, according to the Bankers Association of the Philippines.

House open to safe harbor provision in Bank Secrecy Law amendments

Reporter THE HOUSE of Representatives is open to the banking industry’s request for a “safe harbor” clause in the proposed amendments to the Bank Secrecy Law. Quirino Rep. Junie E. Cua, chair of the House Committee on Banks and Financial Intermediaries, said the request by the Bankers Association of the Philippines (BAP) is “well taken,” noting the provision could be included in the bill to ease concerns of the industry. “Those things will further be clarified in the IRR (implementing rules and regulations). The first safeguard in the bill is that it provides for a thorough study from the Monetary Board, before it approves (the request to open an account),” Mr. Cua told

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