The central bank is operating through the authority granted by the Philippine Government and empowered by the Constitution. That's a law and that's right. But the Philippine Constitution requires some changes of its provisions for the public interest such as money creation.
Technically, the constitutional provision giving the BSP of independent authority against the public interest of the Filipino people. This provision, therefore, must be reverted back to state-owned-central-banking that must have the same sole authority and power to issue currency, the producer and the printer of the PHP Peso legal tender currency Government notes through public banking institutions debt-and-usury-free and not through private banknotes of the private banking industry.
THE PRIVATE BANKS' BANKNOTES DEBT-BASED VERSUS GOVERNMENT NOTES LEGAL TENDER CURRENCY DEBT-FREE IS THE MAJOR ISSUE.
I am absolutely certain to believe that we, citizens in the Philippines and in most countries in the world are suffering materially and financially with all evils because of the banking, financial, economic, political, educational and media institutions even religious institutions ruling over us like stupid goyims are "one" in complete conspiracy to control us forever. These men and women in power in their institutions mostly professionals are knowingly aware of their participation to the crimes against humanity that they are colluded with. They don't have any sense or initiative, as it seems, of reforming the unjust system nor have any initiative to do so because they gain and profit so much from the monetary creation-crime operations in the world.
To other radical monetary reform writers and campaigners, accordingly, most currency legal tenders are legally and adroitly counterfeited and hijacked by the independent and privatized central banking institutions and private banking industry all over the world, that is why, it is called banknotes instead of Government notes or People's notes.
The crimes of finance are going on so long as the people will remain silent and complacent to participate in the reform of the present financial-economic system in the country and in the world.
In the news at Philippine Daily Inquirer (PDI), Tuesday, July 01, 2014, Business Section, the Philippine private commercial banks' branching out restrictions in Metro Manila ended on July 01, 2014 as Central Bank (Bangko Sentral Ng Pilipinas, BSP) is allowing them to expand and compete more freely for lending business in the National Capital Region (NCR). This private banks' expansion through branching out is not only due to the claims of better banking services to the banking clients but primarily to respond to competition that challenges with the entry of foreign banking institutions' branching out in preparation for liberalized Asean financial services. Hence, on Philippine Daily Inquirer (PDI) news-reports on July 03, 2014, Philippine Rural banks are affected by the heat of competition in the countryside by the branching out of Philippine private universal, commercial and thrift banks. Most Philippine rural banks are on "survival mode" and most of them have difficulty of finding the wherewithal or talent to offer better local banking services to the rural clients. With the poor reputation of the Philippine rural banking, large numbers of rural banks are being put to closure.
And as published to PDI/Monday, July 21, 2014, the Philippine President has signed into law a bill known as Republic Act No. 10641 as defended to be the product of careful study, as amended Republic Act No. 7721 or "An Act Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines", and thus allowing the "full entry of foreign banks into the Philippines" in preparation for 2015's Asean regional economic integration. Under the old law, foreign banks could operate within the Philippine banking system only by acquiring, purchasing or owning up to 60% of the voting stock of an existing bank and or by investing in up to 60% of the voting stock of a new banking subsidiary incorporated under the laws of the country and or by establishing branches with full banking authority.
Next Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
1
1
