The Bangko Sentral ng Pilipinas has denied central bank registration to five entities found operating as money service businesses without prior authorization. Under strict regulatory measures, the Monetary Board declared the five establishments disqualified from registering or legally operating in the country. The ban extends to all sole proprietorships owned or controlled by the proprietors of these firms.
The disqualified businesses include Shara-P Money Changing Services located in Bel-Air, Makati City, operated by Omar Sakaluran Pedreña; Downtown Money Changer in Santa Rita, Pampanga, operated by Maria Benedicta Amanda C. David; Ponio Money Changing Services in Lubao, Pampanga, operated by Rizalin L. Ponio; Jamelah-Arham Gift Shop, also known as Jamelah-Arham Money Changer, operating at the Davao International Airport Complex under Bokari Panumpang Hadjisalim; and JNJ Money Changing Services in Pio Del Pilar, Makati City, operated by Jabidi Abdulbaki Sakaluran.
This enforcement action highlights the critical importance of operating within legal parameters. Operating a financial service without proper registration constitutes valid and serious grounds for immediate disqualification. The central bank enforced the sanctions under Circular Number 1206, Series of 2024, known as the Consolidated Rules for Money Service Businesses under the New Manual of Regulations for Non-Bank Financial Institutions.
For the consuming public, these disqualifications serve as a vital protection against financial fraud and illicit activities. Unregistered money changers operate outside official oversight, leaving customers vulnerable to unfair exchange rates, counterfeit currency, and zero legal recourse if transactions go wrong. By enforcing mandatory registration, the central bank helps ensure that everyday consumers interact only with vetted, trustworthy institutions, thereby safeguarding public money and reinforcing the overall stability of the nation’s financial system.
