The Market Monitor Minding the Nation's Business
The Monetary Board has disqualified five entities operating as money service businesses (MSBs) without prior registration with the Bangko Sentral ng Pilipinas (BSP), barring them from engaging in such activities.
The disqualification also covers sole proprietorships owned or controlled by the proprietors of the five entities.
The affected businesses are Shara-P Money Changing Services in Makati City; Downtown Money Changer in Santa Rita, Pampanga; Ponio Money Changing Services in Lubao, Pampanga; Jamelah-Arham Gift Shop, also known as Jamelah-Arham Money Changer, in Davao City; and JNJ Money Changing Services in Makati City.
The BSP identified Omar Sakaluran Pedreña as the owner or operator of Shara-P, Maria Benedicta Amanda C. David of Downtown Money Changer, Rizalin L. Ponio of Ponio Money Changing Services, Bokari Panumpang Hadjisalim of Jamelah-Arham, and Jabidi Abdulbaki Sakaluran of JNJ Money Changing Services.
The action forms part of the central bank’s efforts to protect financial consumers and maintain the stability of the country’s financial system.
It was carried out under BSP Circular No. 1206, Series of 2024, which contains the Consolidated Rules for Money Service Businesses under the New Manual of Regulations for Non-Bank Financial Institutions.