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Manila Bulletin devider Business devider BSP bans 2 more money service firms

BSP bans 2 more money service firms

Published Aug 16, 2022 02:33 pm

The Bangko Sentral ng Pilipinas (BSP) has disqualified two more unauthorized money service business (MSB) operators from registering and acquiring a license from the BSP.

MSBs are non-bank entities engaged in remittance, money changing and foreign exchange dealing. Since March this year, the BSP has disqualified eight MSBs from obtaining a license to operate after failing to register with the BSP.

In a circular letter, BSP Deputy Governor Chuchi G. Fonacier said Nanay Melpops Money Changer located in Barangay 190, Pasay City Metro Manila, and Sports Den Money Changer in Angeles City, Pampanga have been operating as unauthorized MSBs.

Manila Bulletin/Bloomberg photo

Fonacier said the BSP’s Monetary Board, its policy-making body, has disqualified the two MSBs and “any sole proprietorship owned and/or controlled by their respective owners/operators from registering with, and/or obtaining a license from the BSP to engage in any activity supervised by the BSP” for engaging in MSB without prior BSP registration.

She said the disqualification “is part of the BSP’s efforts to address the proliferation of entities engaged in the operation of unauthorized MSBs.”

Since January this year, the BSP has also disqualified the following unauthorized MSBs: Pasay City-based Feb Thirdy 1 Money Changer and Maruel Money Changer; Vility Foreign Exchange Services located in Batangas City; H&F Foreign Exchange Services in Dagupan City, Pangasinan; Mer's Business Center in Panabo City; and PAYB Bills Payment and Remittance Center in Bacoor City.

Pawnshops, along with foreign exchange dealers/money changers and/or remittance agents, are also referred as MSBs by the BSP. Money transfers and foreign exchange dealership also includes virtual assets.

Pawnshops remain as major financial access points in the country particularly in providing remittance services and other financial services in the countryside. About 83 percent of pawnshop offices also have corollary businesses and they also offer remittance or money-changing.

In 2021, the BSP disqualified nine MSBs. These were Sam Money Changer, Tasneem Foreign Exchange (FX) Services, Zhamme FX Service, Junaidi Money Exchange Services and Marygin FX Services.

Also disqualifed were LM’s Money Changer, Adahn Money Changer, Mudzmar Money Changing Services, and Zhenrihada Money Changing Services.

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