The strength of a country’s banking system helps define its economic development. Banks are known to promote economic efficiency, growth, and stability by providing financial services and regulating the flow of money in the economy. Given the crucial role of banks, it is necessary to enact laws that will regulate and safeguard the industry. Over the years, the Philippines has implemented a number of banking laws that respond to ever-changing practices brought about by increases in financial institutions, among other factors.
One such way that the Bangko Sentral ng Pilipinas (BSP) has endeavored to chronicle the evolution of banking laws is through the launch of “Banking Laws of the Philippines – Annotated” recently. “It is important to chronicle these changes [in banking laws] to see where we have come from and to chart where we will go,” former BSP Governor Felipe M. Medalla said during the launch. “Just keeping up with these is not easy. That is why it is very important that a good book covers all of these.”
Published and distributed by Rex Book Store, Inc., “Banking Laws of the Philippines – Annotated” consolidates, revises, and updates the contents of a three-volume series covering the New Central Bank Act, the General Banking Law, and other special laws. These “First Series Books” were released over a decade ago, covering Philippine banking laws from 2010 to 2012. BSP saw the need to revisit these references according to developments in the banking industry. The updated legal source was produced by an editorial board of BSP experts and seasoned lawyers, led by Senior Assistant Governor and General Counsel Elmore O. Capule.
“Banking Laws of the Philippines – Annotated” is a significant publication because no other book can claim to be the authoritative legal literature on banking. This edition is the only one in the market written by the BSP’s Office of the General Counsel and Legal Services, made even more bona fide with the inclusion of opinions from the same Office.
The publication will benefit not only law students and practitioners, but also all Filipinos who avail of banking services, both digital and traditional. “Banking Laws of the Philippines – Annotated” features exhaustive discussions on financial transactions and services, and the functions of the BSP. There is notable coverage on how the BSP fulfills its mandate of protecting financial consumers and their rights, regulates transactions in the digital sphere, and implements issuances on digital services.
BSP’s choice to partner with Rex Education as a publisher further affirms REX’s commitment to nation-building through learning. Legal education has been at the heart of REX since its foundation in the 1950s, when Rex Book Store, Inc. started off by producing law books. “Banking Laws of the Philippines – Annotated” adds to REX’s award-winning and comprehensive portfolio of market-leading textbooks covering different disciplines of Philippine law.
More than seven decades later, REX continues to provide learners, practitioners, and everyday Filipinos with learning solutions including more accessible and reliable legal literature. REX takes pride in being a trusted publisher of the legal community, as well as the country’s central monetary authority. Through this partnership, REX and BSP hope to help the public gain better understanding and appreciation of the central bank, its functions, and its pivotal role in Philippine development.
