BSP disqualifies firms for engaging in money service without registration

Two firms have been disqualified by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) from securing a license after they were found to have operated money service businesses without registration.

One of the entities disqualified was Vility Foreign Exchange Services located in Batangas City, with Lilian Almazan as a point person.

The Monetary Board also disqualified H&F Foreign Exchange Services located in Dagupan City in Pangasinan, with Harlika Padilla as the point person.

The BSP said the two entities and any sole proprietorship owned and/or controlled by the respective owners or operations will be disqualified from obtaining a license to engage in any activity supervised by the BSP.

Under its mandate, the BSP primarily maintains price stability, along with regulating the Philippine financial sector.—AOL, GMA News