Philippines

The BSP has partnered with the University of the Philippines to develop a News Sentiment Index, which will lead to more targeted policy formulation.

The BSP is considering using preferential rediscount rates and providing high value loans to help banks finance green loans and sustainable investments.

The framework sets out a roadmap on how the government intends to raise green, social and sustainability bonds, loans, and other debt instruments in international capital markets.

The amendments allow Islamic banks and digital banks to engage in FX transactions and streamline licensing requirements for banks.

The caps apply to the charges imposed on borrowers of small-value loans by lending firms, financing companies and online lending platforms.

Banks should "at a minimum" consider four scenarios when calibrating their fraud management systems and account and transaction monitoring rules/parameters.

The MoU aims to formalise the establishment of a collective, coordinated, and strategic cyber response within the banking industry.

Banks will pilot test the new submissions from February until May 2022, using data from the 30 June 2021 reporting period.

A BSP task force will submit recommendations to the Monetary Board by mid-January 2022, which may include sanctions and penalties for the involved banks.

The new fallbacks cover IBORs in India (MIFOR), Malaysia (KLIBOR), New Zealand (BKBM), Norway (NIBOR), the Philippines (PHIREF) and Sweden (STIBOR).