Philippines

Market Infrastructure

BSP Issues Rules for Participants of RTGS Payment System

By Editors | 28/12/2022

Non-bank e-money issuers and other entities can become direct participants of the RTGS payment system without being sponsored by existing participants.

Securities / Derivatives

Philippine Lawmakers Advance Bill to Establish Sovereign Fund

By Editors | 18/12/2022

Critics say the bill’s timing is poor due to the country’s lack of surplus funds, high national debt, large trade deficit, and other economic problems.

Enforcement

Philippines Jails Former Bankers for Creating False Loans

By Editors | 08/12/2022

Former chief operating officer and former compliance officer of now-defunct Orani Rural Bank created fictitious loans by falsifying documents.

Fintech / Regtech

BSP Launches New, Free, Interoperable Bill Payment Facility

By Editors | 05/12/2022

Through Bills Pay PH, customers can make digital payments to almost 500 on-boarded billers for free even if they use different payment service providers.

BSP Issues Rules to Implement New Financial Consumer Protection Law

By Editors | 04/12/2022

The BSP will be able to adjudicate cases involving financial transactions that are of civil nature and order reimbursements up to PHP 10 million.

Fintech / Regtech

Five ASEAN Central Banks Sign MoU on Payments Connectivity

By Sanday Chongo Kabange | 15/11/2022

The MoU is the first that brings together multiple ASEAN central banks under a single multilateral agreement to enhance cross-border payments.

Philippines Introduces Standard Forms for Business Loan Applications

By Editors | 13/11/2022

Lenders have 18 months to use the new standard form, which the BSP says will make credit more accessible to small businesses.

AML / KYC

BSP Proposes Draft Regulations on TFS Implementation

By Editors | 10/11/2022

The amendments target terrorist and proliferation financing and are aimed at helping the Philippines secure its removal from the FATF grey list.

Capital / Liquidity

BSP Proposes to Launch New Intraday Liquidity Facility

By Editors | 09/11/2022

Proposed rules governing the intraday liquidity facility are being circulated among banks and non-banks.