Philippines

Securities / Derivatives

Philippine SEC Issues Consumer Protection Rules for Consultation

By Editors | 31/01/2023

The rules will implement the requirements of the Financial Products and Services Consumer Protection Act, which passed in May last year.

BSP Raises Interest Rate Caps for Credit Card Issuers

By Editors | 27/01/2023

The BSP says the higher caps will cushion the impact of inflationary pressure and interest rate hikes on banks and credit card issuers.

Crypto / Digital Assets

BSP’s CBDC Testing to Continue in Sandbox Until 2024

By Editors | 19/01/2023

The BSP is testing large value CBDC transactions among a limited number of FIs. A retail  CBDC is not being explored.

ESG / Sustainability

Philippine SEC Finalises Rules for SRI Funds

By Sanday Chongo Kabange | 10/01/2023

SRI Funds will have to allocate at least two-thirds of their NAV to their sustainable investment objective.

Capital / Liquidity

BSP Amends Rules on Single Borrower Limit to Boost Lending

By Editors | 09/01/2023

Banks won’t need approval to exclude credit exposures from the SBL if they are covered by credit risk transfer arrangements such as guarantees or credit derivatives.

Securities / Derivatives

China, Philippines Pledge to Enhance Market Connectivity

By Editors | 08/01/2023

The SZSE and PSE will pursue market connectivity through the development of cross-border products and cooperation on index compilation.

AML / KYC

BSP Sets Out New Rules for Reporting Financial Crime Risk Events

By Editors | 06/01/2023

Banks and NBFIs will have to notify the BSP within 24 hours after they become aware of any significant money laundering, terrorism financing, or proliferation financing risk event.

AML / KYC

Philippines Launches Cyber Safety Campaign for Financial Customers

By Editors | 05/01/2023

The BSP and banking industry associations launched a new campaign to improve to cyber hygiene among financial customers.

AML / KYC

SEC Philippines Increases Penalties for UBO Non Disclosure

By Editors | 30/12/2022

Directors, trustees, and officers can also be fined personally and barred for five years for failure to ensure compliance with beneficial ownership disclosure requirements.