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Philippines central bank pursues reforms to enhance UITFs


The Bangko Sentral ng Pilipinas (BSP) has assured fund managers of the central bank’s continued support by pursuing several reforms that can enhance their operations and realise their goals. BSP Governor Felipe Medalla said these reforms can include the introduction of a simplified licensing framework for unit investment trust funds (UITFs) and the approval of the simplification of passing requirements for the UITF Certification Program. Medalla is hoping that through these reforms, the BSP will be able to assist organisations like the Fund Managers Association of the Philippines (FMAP) to further their vision of being catalysts of change in the industry and upholding the interests of many Filipinos. The central bank said the measure is also aimed at ensuring the tradability and viability of BSP securities as a highly liquid instrument, thus allowing for better price discovery and monetary policy transmission.

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