The amendment of the BSP Charter in February 2019 provided the BSP with, among others, a strengthened mandate to promote financial stability in addition to its existing monetary stability function. The amended Charter also strengthened BSP supervisory function over money service and credit granting businesses and payment system operators.
The amended Charter and the National Payment Systems Act provide a solid legal mandate to the BSP over the payment systems. These put the BSP in a strategic position to address potential risks arising from the interconnectedness of banks and these financial entities.