Philippines

Fintech / Regtech

BSP Issues Draft Rules for Digital Marketplace Operators

By Sanday Chongo Kabange | 26/02/2025

The draft guidelines will allow banks and EMIs to offer their own products as well as those from third-party providers via a single “digital marketplace” platform.

Market Infrastructure

BSP Forms New Cyber Resilience Governance Council

By Sanday Chongo Kabange | 25/02/2025

The council aims to foster a safe, secure, and resilient financial system by promoting strong cybersecurity practices, governance, and collaboration.

Capital / Liquidity

BSP Reduces Reserve Requirement Ratio for Philippine Banks

By Sanday Chongo Kabange | 25/02/2025

The BSP says the RRR cut will promote financial intermediation. The cut is expected to release up to PHP 330 billion into the banking system.

AML / KYC

FATF Removes Philippines from Grey List, Adds Nepal and Laos

By Manesh Samtani | 23/02/2025

The FATF also agreed on standards revisions to support financial inclusion and to issue consultations on payment transparency and proliferation financing schemes.

Market Infrastructure

BSP Approves Revised Framework for External Auditor Selection

By Sanday Chongo Kabange | 20/02/2025

The framework allows external auditors to offer services to a wider scope of entities – including digital banks and VASPs.

AML / KYC

BSP Issues Draft Rules Authorising FIs to Freeze Suspicious Funds  

By Sanday Chongo Kabange | 06/02/2025

FIs will be able to temporarily hold “disputed funds” while they initiate a process to validate the legitimacy of the transaction.

Enforcement

Australia Identifies 5,000 Potential Victims of Romance Scams

By Sanday Chongo Kabange | 01/02/2025

The potential victims were identified from devices found by Philippine authorities at a Manila-based scam compound

Philippine Sovereign Wealth Fund Set to Make First Investment

By Nithya Subramanian | 29/01/2025

The investment presents an opportunity for the government to gain greater influence over the nation’s critical power infrastructure, the President’s office said.

AML / KYC

BSP Issues Draft Rules on Sharing of Financial Account Information

By Sanday Chongo Kabange | 23/01/2025

The rules will implement a requirement of the Anti-Financial Account Scamming Act, which allows financial account information to be shared with enforcement agencies.