Philippines

Fintech / Regtech

Six Southeast Asian Fintech Associations Agree to Cooperate

By Editors | 03/11/2022

The six fintech associations are from Singapore, Cambodia, Malaysia, the Philippines, Thailand and Vietnam.

Enforcement

Philippine SEC Sets Out Penalties for Disclosure Violations

By Mark Johnston | 24/10/2022

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

Securities / Derivatives

Philippines: Funds Allowed More Freedom to Trade BSP Securities

By Editors | 21/10/2022

The central bank has relaxed restrictions on secondary market trading of BSP Securities by UITFs with foreign participation.

AML / KYC

Philippine May Pass Bank Secrecy Law Amendments Next Month

By Editors | 20/10/2022

The amendments will allow the BSP to look into deposit accounts for inquiries into fraud, serious irregularity, and unlawful activity.

AML / KYC

Philippines to Curb Scams by Requiring ID Registration for SIM Cards

By Editors | 19/10/2022

Telcos are required to collect customer ID information when selling SIM cards. The law is aimed at curbing the spread of spam text messages and scams.

Securities / Derivatives

Philippine SEC Authorises Country’s First Corporate Debt Vehicle

By Editors | 17/10/2022

The fund will exclusively invest in debt securities such as bonds, notes, commercial paper, debentures, and other evidence of indebtedness.

BSP Directs FIs to Bolster Email Security, Cyber Awareness

By Editors | 15/10/2022

Financial institutions are directed to adopt “robust and layered” security controls and industry best practices to reinforce email security.

Philippines Set to Adopt Standardised Forms for Loan Applications

By Editors | 10/10/2022

Lenders will be required to use standard loan application forms, which will make credit more accessible to small businesses.

ESG / Sustainability

BSP Issues Guidance for Banks on E&S Risk Management

By Manesh Samtani | 04/10/2022

Banks must develop ESRM systems that assess environmental and social risks arising from their operations, products, services, transactions, activities, and operating environment.