BSP imposes stricter guidelines for pawnshops

According to an article published by Philippine Star, the Bangko Sentral ng Pilipinas has started pronouncing  a stricter guideline for governing pawnshops. .

(Image grabbed from  Philippine Star)

The industry plays an important role in building a more inclusive financial system and protecting the welfare of financial consumers, which is why BSP Governor Amando Tetangco Jr. has issued Circular 938 amending the manual regulation for pawnshops.

Last December 23, a new supervisory has been approved by the central bank as part of a series of reforms instituted by the BSP to promote a more responsive regulatory.

It  was April last year when Bangko Sentral Deputy Governor Nestor Espenilla Jr. tried to study and put up a strategy on modifying foreign exchange regulations, and putting an emphasis on the anti money laundering act law to prevent scam happening in the future.

Existing pawnshops are given one year from the date of effectivity of the new regulations to secure their BSP license to operate a pawnshop business

Sources: www.philstar.com, manilastandard.net