In the present circumstances I wish to underline that banks should not be requested to hold more capital than is required by the existing capital framework. We should not today introduce “pro-cyclical” changes in the regulatory framework at a time when we are already observing a market-driven deleveraging of the first magnitude. 3. The third goal is reforms that are holistic in scope.
Given the delays as well as incidents of theft and robbery involving some couriers used by banks to deposit remittance funds to beneficiary accounts, PhilPass emerges as a safer, faster, and more efficient option for remitting overseas workers. Another highlight of this project is the agreement by participating banks to charge a significantly lower standard back-end processing fee of 50 pesos per remittance transaction.