BSP: Stronger reforms beat demonetization

MANILA, Philippines – More urgent institutional reforms—including lifting bank secrecy rules and strengthening safeguards against illicit financial flows—would be more effective in curbing corruption than demonetizing large-denomination bills, according to new research by the Bangko Sentral ng Pilipinas (BSP). In a discussion paper released this month, researchers at the BSP said addressing systemic corruption in