Committee Jurisdiction: All matters relating to banks, financial institutions, government and private currencies, capital markets, mutual funds, securitization, coinage and circulation of money.

[UPDATE] COMMITTEE ON BANKS


 




[TRANSCRIPT] ANC HEADSTART

29 August 2017

DAVILA: Alright, just a very quick note before we discuss the hearing last week. What is your reaction? Because thats very new, Congressman Rey Umali saying telling Christian Esguerra that non-declaration of assets may not be enough to impeach Andy Bautista. That was just this morning.
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[NEWS] CLOSED ACCOUNTS NOT COVERED BY BANK SECRECY LAW – ESCUDERO

29 August 2017

Closed bank accounts can be looked into because these are no longer covered by the Bank Secrecy Law, according to Senator Chiz Escudero.
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[NEWS] COMELEC BOUND TO RETAIN SMARTMATIC

26 August 2017

Anti-money laundering violations

A public hearing, in aid of legislation, was conducted this week by the Senate committee on banks, financial institutions and currencies, chaired by Sen. Chiz Escudero, to look into possible violations of Republic Act 9160...
<full story>


 



[COMMITTEE HEARING] PROBE ON THE ALLEGED ILL-GOTTEN WEALTH OF COMELEC CHAIR ANDRES BAUTISTA

23 August 2017

Bilang panimula, ang pagdinig na ito bugso ng resolusyong inihain ni Senator Sotto at Senator Lacson na may bilang 468 kaugnay sa tama at angkop na pagpapatupad ng Anti-Money Laundering Law gayundin ang prinsipyo't konsepto sa ilalim nito kabilang na ang konsepto ng PEP o Politically Exposed Person at dahil dito minabuti naming imbitahan ang BSP, AMLC at mga kinatawan ng LDB o Luzon Development Bank at gayundin din ang NBI dahil sa pagkakaalam namin ay naturn-over na yung mga di umano mga dokumento kaugnay sa isyu nito sa NBI.
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[BATAS NA] REPUBLIC ACT 10927

Senator Escudero, chairperson of the Committee on Banks, has been at the forefront of including casinos under the coverage of the ANTI-MONEY LAUNDERING ACT (AMLA).

The senator hopes the passage of this legislation is enough to avoid a potential Financial Action Task Force (FATF) blacklisting.

The blacklist, he reiterates, will put the Philippines under stringent financial monitoring and affect remittances from overseas Filipino workers (OFWs).

 

Senate Committee Hearing
BANK GLITCHES
21 June 2017

Senator Escudero, the chairperson of the Senate Committee on Banks, leads the hearing on the recent bank glitches. The objectives of the probe are:

1) to inform the public of the facts and not to create further speculations
2) to get information about what is being done to prevent similar problems in the future and
3) to find out gaps in legislations.

[RESULTS]
1. BPI admits the cause of the technical glitch is an error in judgment on the part of one of their programmers. The error affected 1.5 million clients.

2. BPI denies hacking and breach in private data since the technical error hit a closed system not connected to the internet.

3. According to the BPI representative, social media posts showing 'billions of pesos in balances' are fake.

4. To correct the error, BPI reversed fees, boosted customer service, and extended banking hours to accommodate clients.

5. The Bangko Sentral ng Pilipinas has not completed the investigation but describes the steps the bank taken to address the problem as 'FAIRLY ACCEPTABLE'.

6. BDO discloses the bank encountered ATM skimming problems and not a technical error. The skimming affected seven ATM locations. There is an ongoing probe and all grievances are being validated.

7. 'Skimming' is the copying of ATM card's magnetic stripe to obtain pin to create fake cards and perform unauthorized withdrawals. The process is not considered hacking but fraud and theft.

8. EMV is the present technology use to counter ATM fraud. According to the resource panel, there is no indication EMV can be compromised.

9. BPI and BDO officials report beefing up their IT.

10. Senators Koko Pimentel and Franklin Drilon air concerns on the safeguards of our banking system.

11. Senator Escudero asks the BSP to provide the committee the results of its probe.

 

 

COMMITTEE REPORTS
 
PASSED BY BOTH HOUSES
Committee Report No. 105, ANTI-MONEY LAUNDERING (CASINOS AS COVERED PERSONS)
Filed on May 24, 2017
Sponsorship: May 24, 2017

<DOWNLOAD HERE>

Matters reported out :
SBN-1468: Designating Casinos as Covered Persons Under R.A. No. 9160 (Anti-Money Laundering Act of 2001)

Reporting committee(s) : Banks, Financial Institutions and Currencies, Justice and Human Rights

Period of Interpellations: May 24, 2017
Period of Amendments: May 224, 2017
Approved on Second Reading: May 24, 2017
Approved on Third Reading: May 30, 2017
Senate version was adopted by the House of Representatives: May 30, 2017
Remarks: Recommending its Approval Without Amendment

 
PERIOD OF INTERPELLATIONS
Committee Report No. 13, ANTI-MONEY LAUNDERING
Filed on November 29, 2016
Sponsorship: December 5, 2017

<DOWNLOAD HERE>

Matters reported out :
SBN-1256: Anti-Money Laundering Act
SBN-45: Anti-Moneylaundering Act of 2001
SBN-1242: Amending R.A. No. 9160 (Anti-Money Laundering Act)

Reporting committee(s) : Banks, Financial Institutions and Currencies, Justice and Human Rights

Hearing: September 19, 2016
TWGs: November 22, 2016 and
January 24, 2017
Interpellations: February 14, 2017, February 27, 2017
Remarks: Recommending its Approval in Substitution of SBN-45, Taking Into Consideration SBN-1242

 
PERIOD OF INTERPELLATIONS
Committee Report No. 26, THE CENTRAL BANK ACT
Filed on January 17, 2017
Sponsorship on January 23, 2017

<DOWNLOAD HERE>

Matters reported out :
SBN-1297: The New Central Bank Act
SBN-16: The New Central Bank Act
SBN-859: Comprehensive Revision of the Charter of the Bangko Sentral Ng Pilipinas
SBN-1027: Amending the New Central Bank Act
SBN-1148: The New Central Bank Act

Reporting committee(s) : Banks, Financial Institutions and Currencies, Ways and Means

Hearing: September 5, 2016
TWGs: September 13, 2016 and October 11, 2016
Remarks: Recommending its Approval in Substitution of SBNos. 16, 859, 1027 and 1148

 
PERIOD OF INTERPELLATIONS
Committee Report No. 85, NO-COLLATERAL, LOW-INTEREST LOANS TO GRADUATES
Filed on May 16, 2017
Sponsorship on May 22, 2017

<DOWNLOAD HERE>

Matters reported out :
SBN-785: Extending No-Collateral, Low-Interest Loans to Graduates of Any Courses Offered by the Tesda

Reporting committee(s) : Banks, Financial Institutions and Currencies, Labor, Employment and Human Resources Development

Hearing: October 18, 2016
TWG: February 21, 2017
Remarks : Recommending its Approval with Amendments
 
PERIOD OF INTERPELLATIONS
Committee Report No. 86, PERSONAL PROPERTY SECURITY ACT
Filed on May 16, 2017
Sponsorship on May 22, 2017
Sen. Aquino is co-sponsor.
Sens. Villar and Gatchalian were made co-authors.

<DOWNLOAD HERE>


Matters reported out :
SBN-1459: Personal Property Security Act
SBN-354: Secured Transactions Act

Reporting committee(s) : Banks, Financial Institutions and Currencies; Labor, Employment and Human Resources Development

Hearing: September 19, 2016
TWG: October 6, 2016
Remarks : Recommending its Approval with Amendments

 


 

 

 



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