Arroyo bats for safe, reliable payment systems
Pampanga Second District Representative Gloria Macapagal-Arroyo is seeking to ensure the safety and reliability of the country’s payment systems such as debit cards, credit cards, and electronic fund transfers.
House Bill No. 5000 mandates the government to promote high-quality operations of payment systems and provide an environment conducive to the sustainable growth of the economy.
It also aims to control systemic risk in the circulation of money or movement of funds.
The proposed measure also seeks to grant the Bangko Sentral ng Pilipinas the authority to oversee the payment systems.
The BSP will be granted with supervisory and regulatory powers to ensure their security and stability.
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