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Peso expected to weaken vs dollar as focus turns to vaccines
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P/$ rate closes at P48 59/$1
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Banks urged to hold off on hiking ATM fees, use excess capital to expand services
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Reporter
THE HOUSE of Representatives is open to the banking industryâs request for a âsafe harborâ 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 âwell taken,â noting the provision could be included in the bill to ease concerns of the industry.
âThose 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),â Mr. Cua told