Philippines

Trading & Investment

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.

Conduct, Culture & Accountability

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.

Credit Risk

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.

Conduct, Culture & Accountability

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.

Anti-Money Laundering

AMLC Names and Shames DNFBPs That Have Failed to Register

By Sanday Chongo Kabange | 01/04/2024

The AMLC named one real estate developer and ten jewelry dealers that have failed to comply with their registration obligations.

Payments & Settlements

BSP Issues New Manual of Regulations for Payment Systems

By Sanday Chongo Kabange | 26/03/2024

​The manual sets out rules and regulations governing the operations of the national payment system, as well as payment providers.

KYC & CDD

BSP Directs Banks to Prioritise PhilID in Customer KYC, Verification

By Editors | 15/03/2024

The BSP has identified the national ID, which is part of PhilSys, as a driver of financial inclusion in the Philippines.

Payments & Settlements

Japan, ASEAN Plan Joint QR Code Payment Services

By Nithya Subramanian | 15/03/2024

A standardised QR code payment system will be developed to connect service providers in different countries, facilitating cashless payments across borders.

AI Risk & Governance

BSP Studying Impact of Generative AI on Banking Industry

By Sanday Chongo Kabange | 12/03/2024

The BSP is seeking to introduce  ‘guardrails’ to mitigate potential risks associated with the use of Gen AI in the banking industry.