NBFIRA seeks to raise P28m from industry

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Faced with a P49.2 million deficit for its 2011/2012 financial year, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) is hoping government will approve its proposed industry fees and levies, thus raising approximately P28.6 million.

The fees are once-off charges on new entrants, while all industry participants will pay the levies.

Later this month, NBFIRA will approach its board for approval of its proposed fees and levies schedule, following which these will be tabled before the Minister of Finance and Development Planning for consideration. Should the Ministry approve the schedule, these will then be promulgated into regulations, in line with the NBFIRA Act.

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