By Dean dela Paz
Is the Bangko Sentral ng Pilipinas (BSP) slowly killing the rural banking industry? Let us analyze and validate or invalidate latent fears.
A lot of cash is available in the system to finance productive ventures that can sustain the country’s economic growth. But banks choose to park these funds at the Bangko Sentral ng Pilipinas than risk lending them. As of the latest count, nearly P2 trillion is with the central bank’s special deposit accounts (SDAs). That’s almost equivalent to the national government’s budget of P2.01 billion for the entire 2013.
Bangko Sentral ng Pilipinas Governor Amando Tetangco said something truly important at the gathering last week of the Chamber of Thrift Banks. In his speech, Tetangco said the BSP was drafting rules that would compel banks to improve on the ways they protect consumers. He said it would formalize “specific standards for consumer protection, including how banks should handle consumer complaints,” the goal being “to elevate consumer protection to a stature of a core bank function, and not simply an ancillary advocacy.”
By Solita Collas-Monsod
What can the Presidential Commission on Good Government (PCGG) be thinking? For that matter, what can the Office of the Solicitor General (OSG) be thinking? Why are they just sitting back and scratching their b–s as they wait for the merger of Allied Bank and Philippine National Bank to take place? Why aren’t they going to the Supreme Court and seeking a temporary restraining order, or instituting quo warranto proceedings? Why are they allowing the Filipino people to get screwed (again)?
This refers to the news article titled “Latest ruling keeps Banco Filipino shut.” (Inquirer, 2/27/12) Marlon Ramos, who is the author of this report, has no business misleading the public with erroneous reporting. His lead sentence was, “Which is which?” implying inconstancy on the part of the Court of Appeals. Of course, this is not the fact.