Philippines

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.

The amendments aim to limit the coverage of officers requiring confirmation for appointment and to streamline documentary requirements.

The SEC seeks views from investment firms and fund managers on their expectations for sustainable funds, including issuance trends, investment drivers, and regulatory requirements.

The proposed guidance seeks to operationalise a BSP circular which was implemented earlier this year to curb predatory lending practices.

The DOJ and BAP will collaborate on stronger measures to combat online fraud, including to enhance enforcement and prosecution of cybercriminals.

The BSP, SEC, PDIC, and Insurance Commission have agreed to establish a supervisory college for financial conglomerate supervision.

The law empowers financial regulators to enforce standards of business conduct by financial entities and adjudicate on consumer complaints.

The open finance roadmap paves the way for greater collaboration and data sharing between FIs and fintechs, which will help boost financial inclusion.