The Bangko Sentral ng Pilipinas (BSP) announced on Thursday that it has disqualified two entities from registering their operations because they engaged in money service business without prior approval from the Central Bank.
THE Bangko Sentral ng Pilipinas announced on Thursday that it has disqualified two entities from registering their operations because they engaged in money service business without prior approval from the Central Bank. The Monetary Board is barring Vility Foreign Exchange Services and H&F Foreign Exchange Services from registering with the BSP.
Any sole proprietorship owned or controlled by their respective owners and operators from registering with, or obtaining a license from the BSP are also barred. Vility Foreign Exchange Services is controlled by Lilian N. Almazan, and is 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 St.,Poblacion Oeste, Dagupan City, Pangasinan. 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 its efforts to address the proliferation of illegally operating MSBs.
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