The concentration of transactions should reduce uncertainty about who holds what – an uncertainty which, during a crisis, can end up freezing entire markets and forcing central banks to intervene. Therefore the development of CCPs seems beneficial to the conduct of monetary policy.
This is in line with our efforts to improve cyber security as we promote financial digitalization. Circular 1109 scraps the P1-million minimum balance requirement for investment management accounts. With this, investment products become accessible to more Filipinos, consistent with our financial inclusion objectives. Circular 1111 relaxes the implementing guidelines of the Agri-Agra law.