The Bangko Sentral ng Pilipinas (BSP) and the Cooperative Development Authority (CDA) signed a Memorandum of Agreement (MOA) on the collaborative oversight and supervision of cooperatives that are electronic money issuers and operators of payment systems, including those that deploy ATMs.BSP Governor Eli M. Remolona, Jr. and CDA Chairman Joseph B.
THE Bangko Sentral ng Pilipinas and the Cooperative Development Authority signed on October 18, 2023, a Memorandum of Agreement on the collaborative oversight and supervision of cooperatives that are electronic money issuers and operators of payment systems, including those that deploy ATMs.BSP Governor Eli M. Remolona, Jr. and CDA Chairman Joseph B. Encabo inked the MOA at the BSP Head Office in Manila amid the celebration of National Cooperative Month this October.
This collaboration will result in regulations that are proportionate, relevant, and future-proof. The approach will also avoid regulatory arbitrage and enhance the transparency and accountability of the cooperative sector,” BSP Governor Eli M. Remolona, Jr. said. The BSP is mandated under the National Payment Systems Act to exercise oversight over NPS, which includes the aforesaid covered cooperative.
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