BSP rejects 2 firms’ bid to get licenses from CB

THE Bangko Sentral ng Pilipinas (BSP) announced last Tuesday that it has banned two entities from registering with the central bank for failure to comply with requirements.

In a statement, the BSP said the monetary board disqualified both Feb Thirdy 1 Money Changer and Maruel Money Changer—along with any sole proprietorship owned or controlled by their respective operators—from registering with, or obtaining a license from, the BSP to engage in any activity supervised by the BSP.

The disqualification came after both entities engaged in the money service business without prior BSP registration.

Feb Thirdy 1 Money Changer is owned by Alberto M. Sta. Ana, and is located at Unit S-5, Corcel Arcade Bldg., Domestic Road Street, Barangay 190, Pasay City, Metro Manila.

Maruel Money Changer is owned by Ariel E. Narisma, and is located at Unit S-11, Corcel Arcade Buillding, Airport Road Street, Barangay 190, Pasay City, Metro Manila.

The BSP said the disqualification is pursuant to Section 901-N of the BSP’S Manual of Regulations for Non-bank Financial Institutions, and is part of the BSP’S efforts to address the proliferation of entities engaged in the operation of unauthorized money service businesses.

In April this year, the central bank also barred Vility Foreign Exchange Services and H&F Foreign Exchange Services from registering with the BSP.

Vility Foreign Exchange Services is controlled by Lilian N. Almazan and based in 111 Evangelista Street corner P. Zamora Street, Poblacion 016, Batangas City.

H&F Foreign Exchange Services, meanwhile, is controlled by Harlika D. Padilla and is based in ROS-CO JEH Bldg., Burgos Street, Poblacion Oeste, Dagupan City, Pangasinan.