Philippines

Securities / Derivatives

China, Philippines Pledge to Enhance Market Connectivity

By Editors | 08/01/2023

The SZSE and PSE will pursue market connectivity through the development of cross-border products and cooperation on index compilation.

AML / KYC

BSP Sets Out New Rules for Reporting Financial Crime Risk Events

By Editors | 06/01/2023

Banks and NBFIs will have to notify the BSP within 24 hours after they become aware of any significant money laundering, terrorism financing, or proliferation financing risk event.

AML / KYC

Philippines Launches Cyber Safety Campaign for Financial Customers

By Editors | 05/01/2023

The BSP and banking industry associations launched a new campaign to improve to cyber hygiene among financial customers.

AML / KYC

SEC Philippines Increases Penalties for UBO Non Disclosure

By Editors | 30/12/2022

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

ESG / Sustainability

BSP Unveils 11-Point Sustainable Central Banking Strategy

By Editors | 28/12/2022

The Sustainable Central Banking strategy sets out the BSP’s approach to promoting sustainability in the financial system.

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.