Further, we continue to pursue a related legislative agenda such as the Collective Investment Schemes Law (CISL) to provide a harmonized legal framework for pooled vehicles of investments. Given the Philippines’ young demographic profile, these efforts can also translate to the mobilization of a sizeable and sustainable amount of savings towards financing the country’s long-term infrastructure requirements and developmental programs.
As part of our holistic financial sector reform agenda, we are pursuing ambitious foreign exchange (FX) reforms. The objectives are to deepen the FX market, increase its efficiency and reduce the cost of doing business. Reforms include removing prior BSP approval for certain FX transactions, simplifying registration processes, further reducing documentary requirements, and enhancing data capture for effective policy decision-making.