Philippines

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).

Some 700 customers of BDO Unibank have suffered losses due to a hack. The BSP said it will ensure remedial measures are undertaken.

Deputy governor Chuchi Fonacier explains the BSP's policy approach to sustainability, highlighting the central bank's role as an 'enabler', 'mobiliser' and 'doer'.

As of end-June 2021, there were over 3,000 rural banks nationwide. However, only 21 of them offer PESONet and 11 offer InstaPay for electronic fund transfer services.

The SEC is seeking PHP 2.6 billion over a five year period to implement sweeping digital transformation initiatives, including to upgrade existing systems.

Suncity Group's Alvin Chau allegedly operated a gambling syndicate that used Macau as a base for an illegal "live web betting platform" in the Philippines, targetting customers in mainland China.

The operation was used to test a new worldwide stop-payment mechanism which Interpol plans to fully embed in police communication channels next year.

Digital banks and unit investment trust funds can also participate in the secondary market for central bank securities.