BSP Supports Agri-Agra Bill Amendments

The Bangko Sentral ng Pilipinas (BSP) hopes lawmakers will prioritize passage of amendments to the Agri-Agra Act before a new government takes over later this year.

“We recognize the limited time left for the 18th Congress,” central bank governor Benjamin Diokno told reporters on Thursday.

“Among the bills supported by the BSP, we believe that the Agri-Agra Bill can be prioritized (…) given that it is at an advanced stage in the legislative process,” he added. .

The House of Representatives and the Senate have approved their respective versions of the measure, which will have to be reconciled by a bicameral committee.

“We are confident that the Senate and the House will reach a compromise for the Agri-Agra bill so that they can then ratify the bill when the session resumes on May 23, 2022,” Diokno said.

The Agri-Agra Act, he explained, promotes rural development by meeting the financing needs of the agricultural system.

Diokno said BSP will continue to work closely with Congress, government agencies, and relevant stakeholders on further legislative measures that will support economic recovery and growth.

These include the Financial Products and Services Consumer Protection Act, amendments to the charter of the Philippine Deposits Insurance Corporation, amendments to Republic Act 1405 or the “Secrecy of Accounts Bill”. Bank Deposits, the Financial Accounts Regulation Bill, the Use of Digital Payments Act 2022″ and the Public Finances Act. Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery Act.

“These reforms aim to strengthen the Philippine financial system, promote financial inclusion, improve financial service delivery, address issues faced by the public when using financial products and services, and support the recovery and economic growth,” said Diokno.