March 29, 2009

Bangko Sentral aims to improve local fiscal policies

The Bangko Sentral ng Pilipinas (BSP) has issued landmark guidelines formalizing electronic money transactions, reportedly the first of its kind of electronic innovation in the world.

The new rules set a maximum monthly load limit of P100,000 ($2,068) on any e-money instrument such as cash cards, e-wallets and similar products.

The Anti-Money Laundering Law will also cover e-money transactions.

Meanwhile, Bangko Sentral ng Pilipinas otherwise hosted the National Course on Macroeconomic Management and Financial Sector Issues, conducted by International Monetary Fund-Singapore Regional Training Institute (IMF-STI), for executives from NEDA, Dept. of Budget and Management, Bureau of Treasury, Dept. of Finance, and the BSP. The annual program sponsored by the governments of Japan and Singapore cascades real-world issues to government officials to support efficient implementation of macroeconomic and financial policies.

Such program aims at strengthening of our fiscal policies amid the impact of the global financial crisis.

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