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Manila Bulletin devider Business devider Banking & Finance devider BSP refutes alleged forex, US dollar acceptance

BSP refutes alleged forex, US dollar acceptance

Published Mar 10, 2024 12:54 pm

The Bangko Sentral ng Pilipinas (BSP) has disproved rumors that it has issued a directive that said US dollar “[bank]notes with stamps (money changer) will only be accepted until March 12”.

In a statement on Saturday, March 9, the BSP denied this alleged directive with regards to US dollar-denominated banknotes with a money changer’s stamp.

The BSP is also refuting rumors that it will exchange or replace foreign currencies and reminded the public that only BSP-supervised financial institutions, such as banks and money service businesses (MSBs) “that are engaged in money changing or foreign exchange dealing” are allowed to transact foreign exchange-related activities.

“The BSP advises the public to remain vigilant against bogus information, particularly those circulating on online chat groups, as well as entities that misrepresent the BSP,” said the BSP over the weekend.

“Moreover, the BSP clarifies that it does not accept requests for exchange or replacement of foreign currencies to Philippine peso. BSP’s mandate is limited to the exchange of Philippine currency to Philippine banknotes and coins of any other denomination,” it added.

The BSP strictly monitors the MSB sector. Last year, it has cancelled the registration of 14 erring money changers and banned them from obtaining a license to operate after failing to register with the BSP.

MSBs are non-bank entities engaged in remittance, money changing and FX or forex dealing.

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

In an October 2023 BSP report, it said that pawnshops and MSBs are still the main financial service access points borrowers in need of immediate liquidity. They offer not only remittance and money-changing services, but also cash-in and cash-out agents in the countryside.

As of end-June 2023, the central bank monitors 16,038 pawnshop offices and 7,950 MSBs.

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