Chief Justice Alexander Gesmundo said banking laws are important in the fight against terrorism.
At the launch of the Banking Laws of the Philippines Annotated on Friday, the chief justice stated “in the ever-evolving landscape of the financial world, banking laws play a vital role in fighting illicit activities, such as money laundering and terrorism.”
“The importance of our banking laws cannot be overstated,” Gesmundo said during the event held at the Bangko Sentral ng Pilipinas (BSP) main office in Manila.
“To begin with, our banking laws instill in us the sense of trust and confidence in our financial institutions, assuring both individuals and businesses that their hard-earned resources are protected and nurtured,” he cited.
Gesmundo also noted that it “empower rural communities and agricultural households by ensuring equal access to financial services and programs, ultimately improving the welfare of communities and driving the growth and development of our economy.”
He added that banking laws “ensure that our financial institutions are resilient, trustworthy, and ready to participate in the global stage.”
“In so doing, we attract foreign investments, foster international partnerships, and position the Philippines as a beacon of stability and growth in the global community,” he stated.
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