Philippines

Capital / Liquidity

BSP Directs All Banks to Submit Recovery Plans by 30 June

By Sanday Chongo Kabange | 05/06/2024

The requirements on the submission of recovery plans are also applicable to thrift, rural, and cooperative banks.

Fintech / Regtech

BSP Eyes Open Finance Platform for Pensions, Insurance

By Mark Johnston | 28/05/2024

The open finance platform will use APIs to support access to different pension and insurance products and boost financial inclusion.

Crypto / Digital Assets

BSP Allow PHP Stablecoin Project to Enter Sandbox

By Editors | 13/05/2024

Coins.ph will test a peso-backed stablecoin in payments, trading, hedging and DeFi applications.

AML / KYC

BSP Mandates 24-Hour Reporting for Significant Risk Events

By Mark Johnston | 06/05/2024

New BSP rules require bank and non-bank FIs to report significant ML/TF/PF risk events within 24 hours.

ESG / Sustainability

BSP Completes Self-Assessment Against Climate Risk

By Sanday Chongo Kabange | 22/04/2024

The assessment generated  recommendations including for BSP to enhance its emergency response systems and business continuity strategies.

Securities / Derivatives

Philippines Scraps Minimum Commission Rule for Stockbrokers

By Sanday Chongo Kabange | 21/04/2024

The SEC says the removal of the minimum commission requirement will boost stock market activity and draw in retail investors.

Enforcement

US PCAOB Penalises KPMG, Deloitte for Exam Cheating

By Nithya Subramanian | 11/04/2024

KPMG Netherlands was fined USD 25 million and Deloitte affiliates in Indonesia and Philippines were fined USD 2 million.

Fintech / Regtech

Philippines: NPLs at Digital Banks Continue to Rise

By Sanday Chongo Kabange | 10/04/2024

Only two of the Philippines’ six digital banks are currently profitable. Yet, while NPLs are rising, deposit growth is still strong.

BSP Proposes New Consumer Protection Supervisory Framework

By Editors | 03/04/2024

The framework sets out how the BSP will assess the risks an FI poses to consumers so that supervision can be more risk-based and calibrated.