The urge to merge, who’s gonna scratch that itch?: An argument for the primacy of authority of the Bangko Sentral ng Pilipinas over bank mergers

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ID: 286463
2018
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Abstract
Since it was first created as the Central Bank of the Philippines, and its eventual reorganization into the Bangko Sentral ng Pilipinas, the Bangko Sentral was the sole regulatory giant responsible in supervising banks and financial institutions. It provided policy directions in the spheres of money, credit and bank management. Included in its supervisory powers is also the power to approve or disapprove bank mergers. This sole supervision however changed when the Philippine Competition Act was enacted, thereby creating the Philippine Competition Commission. The Philippine Competition Commission is the regulatory agency in charge of overseeing the competition landscape of the country, making sure that competition works in favor of the people, and can review merger transactions of firms in any industry. This paper examines the oversight powers of both agencies over bank mergers, and examines how other jurisdictions conduct their own merger controls. Upon reading the relevant laws, and jurisprudence, as well as the recently created MOA between the Bangko Sentral and the Competition Commission, it becomes apparent that an amendment to the MOA must be done in order to properly balance the respective mandates of both government agencies. The Bangko Sentral must exercise enough supervisory powers over bank mergers in order to strengthen the Philippine financial system, and the Competition Commission must be allowed to exercise its regulatory powers to ensure the protection of the Filipino consumer.
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Authors Sullano, Gawriil June S.
Journal Malay Journal
Year 2018
DOI
DOI not found
URL
https://animorepository.dlsu.edu.ph/etd_masteral/7263
Keywords Keywords not found

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