Philippines

Payments & Settlements

BSP Partners German State Firm on Currency Management

By Sanday Chongo Kabange | 29/10/2024

The BSP said it will work with Bundesdruckerei GmbH on currency management and digital payments infrastructure.

Structural Regulation

BSP Enters Arbitration Over Philsys Card Printing Delays

By Mark Johnston | 29/09/2024

The proceedings were initiated by AllCard Inc, which was contracted to supply cards and equipment for the production of PhilSys cards.

Structural Regulation

Philippine SEC Offers Amnesty for Non-Compliant Firms

By Mark Johnston | 27/09/2024

A similar amnesty programme offered last year saw more than 80,000 corporations come back into compliance with reporting requirements.

Operational Risk

BSP Revises Framework for External Auditor Selection by FIs

By Editors | 26/09/2024

The BSP has proposed draft revisions to its framework for financial institutions on the selection and appointment of external auditors.

Liquidity Risk

BSP Announces Significant Cut to Bank Reserve Requirements

By Editors | 24/09/2024

The BSP cut the RRR for universal and commercial banks by 250 basis points, bringing it from 9.5 percent to 7 percent.

Liquidity Risk

BSP to Cut Bank Bank Reserve Requirements in ‘Substantial’ Way

By Editors | 20/09/2024

Banks in the Philippines have offered to lower transaction costs on small-value fund transfers in exchange for lower reserve requirements.

Structural Regulation

BSP Authorises Maybank to Launch Islamic Banking Operations

By Sanday Chongo Kabange | 05/09/2024

Maybank is just the second bank authorised to launch Islamic banking operations in the Philippines, after CARD Bank was authorised in June 2023.

Anti-Money Laundering

Indonesia Captures Former Philippine Mayor Charged for Money Laundering

By Editors | 05/09/2024

The former mayor Alice Guo fled the Philippines in July after she was accused of helping to set up an illegal online gambling and scam centre.

Payments & Settlements

Cambodia, Korea Launch Cross-border Payments Link

By Nithya Subramanian | 02/09/2024

Users of Korea’s Jeonbuk Bank can make payments at more than 3.3 million stores in Cambodia by scanning KHQR codes.