{"id":141457,"date":"2017-12-22T21:51:39","date_gmt":"2017-12-23T02:51:39","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=141457"},"modified":"2025-01-10T09:32:03","modified_gmt":"2025-01-10T14:32:03","slug":"bsp-pcc-sign-pact-to-promote-fairer-competition-among-banks","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/12\/22\/bsp-pcc-sign-pact-to-promote-fairer-competition-among-banks\/","title":{"rendered":"BSP, PCC sign pact to promote fairer competition among banks"},"content":{"rendered":"
\"Arsenio<\/a>
Arsenio Balisacan (Photo By Official Gazzette of the Republic of the Philippines – This file has been extracted from another file: Arsenio Balisacan.jpg, Public Domain)<\/figcaption><\/figure>\n

MANILA – – Fair competition among banking industry players got a boost following the signing of a Memorandum of Agreement between the Bangko Sentral ng Pilipinas (BSP) and the Philippine Competition Commission (PCC) Friday.<\/p>\n

In a briefing, PCC Chairman Arsenio Balisacan said the pact with the central bank is the fourth for PCC, so far, and is aimed at ensuring ease of doing business among financial institutions.<\/p>\n

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<\/p>\n

\u201cWe want to avoid possibilities of overlaps in our processes, (the) unnecessary implications in the processes and (to)\u00a0 harmonize our procedures,\u201d he said.<\/p>\n

The PCC chief said they also aim to \u201cbe able to enforce the law well by sharing information to the extent allowed by applicable laws and our respective government agencies.\u201d<\/p>\n

\u201cThe critical element\u00a0 here is the facilitation of our processes in such as way that the processes are efficient and therefore will not undermine efficiency in business operations and at the same time will achieve our objective of promoting consumer welfare,\u201d he said.<\/p>\n

Based on the 2017-18 Global Competitiveness Report of the World Economic Forum , the Philippines\u2019 ranking slipped to 56th place from 57th place in the previous year, with inefficient government bureaucracy cited as the most problematic factor in the country.<\/p>\n

Balisacan said competition and market efficiency were among the unfavorable aspects noted in the Philippines.<\/p>\n

\u201cWith the robust enforcement of competition here we expect to address that and hopefully will help improve our competition in the global front,\u201d he said.<\/p>\n

Under the law, PCC is mandated to review mergers and acquisitions, among others, to make sure\u00a0 that consumers will not be disadvantaged by these.<\/p>\n

Under the MOA, the BSP and the PCC will be sharing information on merger-related procedures and formulation of rules and issuances, among others.<\/p>\n

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<\/p>\n

BSP Deputy Governor Chuchi Fonacier, during the same briefing, said the central bank fully supports PCC\u2019s mandate because it penalizes all abuses in competitiveness agreements.<\/p>\n

\u201cThe execution of this Memorandum of Agreement between the BSP and the PCC is therefore a necessary development in the performance of our mandates as it harmonizes the law and the rules that we respectively implement as head agencies and provides mechanisms to address issues and concerns related to or arising therefrom,\u201d she said.<\/p>\n

PCC\u2019s MOA with the BSP is its fourth so far after the agreement with the Commission on Audit , the Philippine Statistics Authority and the Philippine Securities Commission.<\/p>\n

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<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA – – Fair competition among banking industry players got a boost following the signing of a Memorandum of Agreement …<\/p>\n","protected":false},"author":33,"featured_media":141458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[40137,26252,1216,40138,9900,14898,14545,13259],"class_list":["post-141457","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-2017-18-global-competitiveness-report-of-the-world-economic-forum","tag-arsenio-balisacan","tag-bangko-sentral-ng-pilipinas","tag-chuchi-fonacier","tag-commission-on-audit","tag-memorandum-of-agreement","tag-philippine-competition-commission","tag-philippine-statistics-authority","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/141457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=141457"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/141457\/revisions"}],"predecessor-version":[{"id":282276,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/141457\/revisions\/282276"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/141458"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=141457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=141457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=141457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}