Tag: Bangko Sentral ng Pilipinas

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Lacson Hails BSP’s P500K Cash Limit: Bribery, Money Laundering Now Harder

Senate President Pro Tempore Panfilo “Ping” M. Lacson lauded the Bangko Sentral ng Pilipinas over the weekend for tightening the rules on large cash transactions by capping withdrawals at P500,000 per banking day.

Lacson, who chairs the Senate Blue Ribbon Committee investigating the corruption behind anomalous flood control projects, said this will make things more inconvenient for both the givers and takers of bribes.

“Salute to BSP Governor (Eli Jr.) Remolona for issuing this circular. This will make it cumbersome to deliver large volumes of cash in SOP’s, commissions and payoffs from one corrupt government contractor or influence peddler to another corrupt government official,” he said on his X account Friday afternoon.

In Filipino: Lacson: ₱500K Cash Withdrawal Cap ng BSP, Dagok sa Suhol at Money Laundering

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Editorial: Apportioning blame in ID fiasco [Inquirer]

From the Philippine Daily Inquirer: Lacson has urged the filing of court cases against parties involved in the “unacceptable” delay of six years in this laudable project.

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Editorial: National ID Fiasco [Malaya Business Insight]

From Malaya: From two Senate personalities who reacted to this development, Lacson has a more relevant one. He said this case should not end just with the termination of the contract. “Following proper legal procedures, sanctions with commensurate damages must be imposed,” he said.

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Lacson calls for sanctions in failed Nat’l ID card deal [GMA News Online]

From GMA News Online: Former Senator Panfilo Lacson on Friday called for sanctions against the supplier of cards and equipment for National ID cards for its failure to deliver in its deal with the Bangko Sentral ng Pilipinas (BSP).

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On the BSP’s Termination of the National ID Card Supplier’s Contract

It should not end with a simple termination. Following proper legal procedures, sanctions with commensurate damages must be imposed.

Failure to fully implement the Philippine Identification System Act (RA 11055) six years after its passage is unacceptable.