As guest speaker during the launching of the book on “Banking Laws of the Philippines Annotated” on Friday, May 26, at the Bangko Sentral ng Pilipinas in Manila, Gesmundo said banking laws “instill in us the sense of trust and confidence in our financial institutions” and “cultivate an environment of transparency and accountability.”
“And, in the ever-evolving landscape of the financial world, banking laws play a vital role in combatting illicit activities, such as money laundering and terrorism,” he stressed. But the Chief Justice emphasized that “consistency and predictability” in judicial interpretation of banking laws play a crucial role in building confidence and certainty within the financial system.
These, he said “facilitate the flow of capital, support investment, and foster the growth of the banking sector, ultimately driving economic development.” He also said that banking laws and regulations have evolved to recognize both the increase in Filipino participation in the banking practice, as well as the growing demands of globalization.
In his response, BSP Governor and Anti-Money Laundering Council Chairperson Felipe M. Medalla said the judiciary’s SPJI should be a required reading for all BSP personnel.