MONETARY authorities have enhanced the rules on consumer loans for overseas Filipino workers (OFWs) and on the issuance of long-term negotiable certificates of time deposits (LTNCTDs) to promote financial inclusion and the development of capital market.

In a statement over the weekend, the Bangko Sentral ng Pilipinas (BSP) announced that its policy-making Monetary Board now allows banks to grant peso consumer loans for OFWs without prior central bank approval.