Philippines

The BSP is testing large value CBDC transactions among a limited number of FIs. A retail  CBDC is not being explored.

SRI Funds will have to allocate at least two-thirds of their NAV to their sustainable investment objective.

Banks won't need approval to exclude credit exposures from the SBL if they are covered by credit risk transfer arrangements such as guarantees or credit derivatives.

The SZSE and PSE will pursue market connectivity through the development of cross-border products and cooperation on index compilation.

Banks and NBFIs will have to notify the BSP within 24 hours after they become aware of any significant money laundering, terrorism financing, or proliferation financing risk event.

The BSP and banking industry associations launched a new campaign to improve to cyber hygiene among financial customers.

Directors, trustees, and officers can also be fined personally and barred for five years for failure to ensure compliance with beneficial ownership disclosure requirements.

The Sustainable Central Banking strategy sets out the BSP’s approach to promoting sustainability in the financial system.

Non-bank e-money issuers and other entities can become direct participants of the RTGS payment system without being sponsored by existing participants.

Critics say the bill's timing is poor due to the country's lack of surplus funds, high national debt, large trade deficit, and other economic problems.