THE Bangko Sentral ng Pilipinas (BSP) has introduced amendments to the rules governing pawnshops amid changing industry dynamics and to ensure compliance and consumer protection.
THE Bangko Sentral ng Pilipinas has introduced amendments to the rules governing pawnshops amid changing industry dynamics and to ensure compliance and consumer protection.In a draft circular approved by the Monetary Board, the BSP updated the Manual of Regulations for Non-Bank Financial Institutions , extending the traditional model of pawning to more nuanced financial arrangements.
Pawnshops must notify the appropriate supervisory department of the central bank within five working days of engaging in any new business activity. However, the regulations explicitly prohibit activities linked to gambling or betting.The traditional business model for pawnshops is being authorized to lend money secured by personal property physically delivered as collateral or to purchase goods with the option for the seller to repurchase them at a predetermined price within a fixed period.
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