THE House of the Representatives will adopt the Senate’s version of a bill that would allow the Bangko Sentral ng Pilipinas (BSP) to regulate the country’s payment systems.
Rep. Henry C. Ong of the Second District of Leyte said the House Committee on Banks and Financial Intermediaries decided to concur with Senate Bill (SB) 178, or “The National Payment Systems Act,” which already incorporates the Lower House’s version for the same measure.
“In my capacity as [chairman] of the House Committee on Banks and Financial Intermediaries, I have formally conveyed to House Majority Leader Rep. Rolando G. Andaya Jr. the concurrence of the Committee to SB 178, which already incorporates HB 5000 [Payment Systems Act],” Ong said in a statement on Monday.
He added the “concurrence and ratification” of the bill “by the entire House would come very soon.”
“With House concurrence, a bicameral conference committee is no longer necessary. As soon as the bill is ratified, it will be sent to President Rodrigo Roa Duterte for his signature,” Ong said.
Ong said he expects the House’s concurrence with the Senate version would fast-track the passage of the bill.
SB 178, which was authored by Sen. Paolo Benigno A. Aquino IV, seeks to enhance the power of monetary authorities in regulating and overseeing the country’s payment systems. The measure aims to lessen risks in financial transactions.
“The State shall promote, through the Bangko Sentral, the safe, efficient and reliable operation of payment systems in order to control systemic risk and provide an environment and conducive to the sustainable growth of the economy,” SB 178 read.
Once SB 178 becomes a law, the BSP shall oversee the payment systems in the country and could exercise supervisory and regulatory powers to ensure “the stability and effectiveness of the monetary and financial system.”
The BSP would have the power to designate a payment system if it determines the payment system used by local financial institutions “pose a systemic risk or the designation is necessary to protect the public interest,” according to the bill.
“The soon-to-be Payment System Act will update the powers of the [BSP], so it can supervise, regulate, monitor and evaluate the different payment systems involving debit cards, credit cards and electronic fund transfers,” Ong said.