Philippines

AML / KYC

Philippines Steps Up Efforts to Exit FATF ‘Grey’ List

By Ranamita Chakraborty | 20/06/2023

The Philippines’ Anti-Money Laundering Council’s executive director Matthew M. David talks to Regulation Asia about its action plan to take the country out of the Financial Action Task Force’s ‘Grey’ List.

Fintech / Regtech

BSP Proposes Enhance Guidelines for Electronic Fund Transfers

By Editors | 15/06/2023

In the event of unsuccessful transactions, financial institutions must return the amount to the sender within one hour.

Capital / Liquidity

BSP Reduces Reserve Requirements for Banks, NBFIs

By Sanday Chongo Kabange | 09/06/2023

The BSP says the lower reserve requirements will help to ensure stable domestic liquidity and credit conditions.

Crypto / Digital Assets

Philippine SEC Delayed Roll-out of Crypto Rules Last Year Due to FTX

By Sanday Chongo Kabange | 07/06/2023

The SEC was ready to issue a new regulatory framework for crypto assets late last year, but decided to delay its release to incorporate lessons from the FTX collapse.

Securities / Derivatives

Philippines to Launch First Sovereign Wealth Fund by Year-end

By Editors | 07/06/2023

The Maharlika Investment Fund will be created by the end of this year, after the required legislation was passed by Congress last week.

Market Infrastructure

Philippine SEC Approves Plans to Introduce Short Selling – Report

By Sanday Chongo Kabange | 06/06/2023

The SEC and PSE are reported to now be working out how to implement short selling this year, to boost domestic market liquidity.

AML / KYC

FIs Must ‘Strictly’ Perform CDD on DNFBP Clients, BSP Says

By Sanday Chongo Kabange | 04/06/2023

CDD includes identifying and verifying the true identities and beneficial owners of DNFBP clients such as lawyers, accountants and real estate developers.

Big Picture

BSP Addresses GCash Service Disruption, Unauthorised Transactions

By Editors | 19/05/2023

Phishing attacks where users shared their OTPs with scammers were the root cause behind unauthorised transactions at GCash.

ESG / Sustainability

Philippine SEC Adopts ASEAN SRF Standards

By Sanday Chongo Kabange | 14/05/2023

Rules are established to enable local and ASEAN-member investment companies and CIS operators to offer sustainable and responsible funds locally and across the region.