5  Beyond the direct opportunity cost, moving the deposit rate into deeply negative territory may involve indirect costs, depending on the ability of banks to pass it to their customers, in particular retail ones. 6  Schmiedel, H., Kostova, G., and W. Ruttenberg, 2012. “The social and private costs of retail payment instruments. A European perspective”, ECB Occasional Papers Series , No. 137.
We also support the legislation of laws that will further strengthen our effective supervision of banks in order to ensure the safety of depositors’ money and soundness of the banking system: 3/5  BIS central bankers' speeches  The amendment of the Bank Secrecy Laws that will grant the BSP with unimpaired access to information on depositors for prudential purposes; The Financial Consumer Protection Bill, which will set a clear legal mandate and a comprehensive financial consumer protection framework; And the Agri-Agra Bill, which will address the existing challenges of the agricultural sector on access to finance.