Republic Act No. 7653 (which Republic Act No. 11211 amended in 2019) created the Bangko Sentral ng Pilipinas (BSP) as the Philippines’ central monetary authority to provide policy directions in the areas of money, banking and credit.  It has supervision over the operations of banks and exercises regulatory and examination powers over the quasi-banking operations of non-bank financial institutions and, as the Monetary Board may determine, over money service businesses, credit granting businesses and payment system operators.

We assist clients in addressing and resolving legal issues relating to these transactions in the Philippines, involving not only banks, but also financing companies and pawnshops.  Our services include securing the necessary approvals from the BSP in connection with those transactions.