Filipino central bank proposes expanding pawnshop services to include remittances and gold trading.

The Philippines' central bank is proposing new rules to expand the services of pawnshops, allowing them to offer financial services like remittances, money changing, and gold trading. Pawnshops could also act as touchpoints for financial services, but they are banned from facilitating gambling activities. The changes aim to modernize the pawnshop industry and boost financial inclusion. Stakeholders have until December 6 to comment on the draft rules, and pawnshops would have one year to adjust to the new regulations if approved.

November 24, 2024
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