Bangko Sentral, CDA sign MOA on coop oversight

SunStar Publishing Inc.

THE Bangko Sentral ng Pilipinas said on Monday, Oct. 23, 2023, it has signed a memorandum of agreement with the Cooperative Development Authority on the collaborative oversight and supervision of cooperatives that are electronic-money issuers and operators of payment systems, including those that deploy ATMsBSP Governor Eli Remolona Jr. and CDA Chairman Joseph Encabo inked the MOA on Oct. 18 as part of the celebration of National Cooperative Month this October.

“This collaboration is crucial in developing a comprehensive regulatory framework that considers the unique challenges and opportunities authorities face. 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’s Remolona said.

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