Wednesday, March 11, 2009

New rules, Lots of Laws

Early this week, the BSP issued new guidelines on electronic money transactions. The new rules are deemed to be the first of its kind of electronic innovation in the world. Huh?

Under the new guidelines, e-money is not considered as deposits and therefore not covered by the deposit insurance of the PDIC.The new rules also placed e-money transactions as covered by the AMLA. Really? So?

My good eye glazed over in the next few paragraphs of the news report. I also have yet to read the actual BSP guidelines. Not with finals and paper deadlines looming over our heads, mine more precariously so.

A little earlier, there were also reports of moves to again (!) automate the elections. Ho-hum! Anything new?

If in the US a glitch in the electronic voting system could inadvertently spell the loss of some thousands of crucial ballots, how much more in this country where electoral fraud has reached an unprecedented level of sophistication?

Only in the Philippines can someone like De Los Angeles actually hatch and execute his diabolical plans and go around our supposed secure banking and financial laws and bamboozle thousands who are suckers for all these get rich quick schemes.

Well, there are rules and there are rules. In our jurisdiction, we actually do not face a lack of laws. What is sorely lacking is the effective enforcement of these laws.

Doesn't say much for any branch of our purported government. Doesn't say much for many of us.

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