BSP will remove higher branch taxes for cities



BSP

Le Melissa Luz T. Lopez, Senior Reporter

The CENTRAL BANK removes higher licensing fees for banks to open new branches within the cities of Manila Metro, together with strict requirements for issuing bank licenses to make simple rules for expansion bank.

In a statement, the Silver Bank of the Bangip Sentral Pilipinas (BSP) published that it has built the most expensive license costs for banks for open branches in the towns of Makati, Mandaluyong, Manila, Parañaque, Pasay, Pasig, Quezon and San Juan S-

"This is to promote BSFIs (BSP-led financial institutions) to expand their branch network and consumer communication points and to stimulate financial inclusion," said the main bank.

Since 2014, the BSP has built a shorter licensing fee for banks wishing to open up branches in the eight Metro Manila cities above, as it was for opening up bridges in other areas, particularly unacceptable towns .

General and commercial banks were trying to; opening a branch in those towns that had to pay a P20 million for permission to operate there, compared to the # 39; P200,000 branch process fee for other places. At the same time, cattle bankers were forced to sweep P15 million to open a new branch in the previously restricted areas.

Other changes in the agreed document are subject to & # 39; including simple requirements for a variety of business changes or expansion plans that sustain financial businesses.

The BSP shares a licensing decision in three categories. The type A license carries the maximum number of requirements, as it is & # 39; Covering activities such as creating and selling branches and literal units, equity investment in a friendly and non-related business, and dependency and other trustworthy business that "tends to show BSFI for more risks."

Such a license bank can be saved from the BSP if they receive the Calpa, Quality Asset, Management, Salaries, and Levels of Employment at least 3; full control and independent control roles; and compliance with BSP instructions.

On the other hand, a bank decision has changed to a lower bank share and its corporate articles or byelaws are modified under the B class license, which still requires BSP permission but does not allow to & # 39; follow a set of special qualifications.

Bank changes are simpler like moving a fixed branch but unlocking, permanent closing and compliance of a branch permit, and the BSP license will not be required in advance to servicing of investments outside a bank building. The regulator agrees to agree because these are only "business decisions made to manage jobs".

"The Bangko Sentral will continue to determine the requirements for other actions that require specific authorities with their new framework to reduce efficiency and reduce business costs," said the main bank , states that these changes have been introduced to make it easy to make business in the South-

The regulator has been working simply on application processes and removing prior agreements to allow longer-term financial companies to expand businesses without government intervention. Amongst the biggest changes are the removal of agreements for banks to offer commercial band papers, which encourages more lenders to raise money through the capital markets.


Source link