Philippines

Five agencies including the BSP and SEC will have a total 55 business days to process merger, consolidation, acquisition applications from banks.

The deadline for DNFBPs to formulate a money laundering and terrorism financing prevention programme has been extended to June.

Qualified foreigners can fully own domestic enterprises including SMEs without prior approval, as long as they hire local workers.

The rules set out the conditions under which the SEC can disqualify and remove a director, trustee, or officer of a company.

The caps were prescribed to curb predatory and abusive practices by lending and financing companies including on online platforms.

Compliance requires effective a management information system that enables independent validation and periodic independent review of reporting processes and procedures.

Banks need BSP approval to enter into material outsourcing arrangements. They must also conduct periodic assessments to ensure outsourcing risks are properly managed.

Lending to activities that are considered sustainable and environment-friendly will qualify FIs for incentives, such as preferential rediscount rates.

The advisory comes in anticipation of an influx of financial activities that usually occur during elections. The Philippines has a general election on 8 May.

Investment companies will be allowed to operate umbrella funds as long as they create at least two sub-funds, which segregated assets and liabilities.