Philippines

Cloud & Infrastructure

BSP Invites Firms to Participate in Open Finance Rule-Making

By Sanday Chongo Kabange | 02/02/2023

Financial institutions and fintech firms are invited to participate in the development of rules and standards for the Philippine Open Finance Pilot.

Structural Regulation

Philippine SEC Issues Consumer Protection Rules for Consultation

By Editors | 31/01/2023

The rules will implement the requirements of the Financial Products and Services Consumer Protection Act, which passed in May last year.

Credit Risk

BSP Raises Interest Rate Caps for Credit Card Issuers

By Editors | 27/01/2023

The BSP says the higher caps will cushion the impact of inflationary pressure and interest rate hikes on banks and credit card issuers.

CBDCs

BSP’s CBDC Testing to Continue in Sandbox Until 2024

By Editors | 19/01/2023

The BSP is testing large value CBDC transactions among a limited number of FIs. A retail  CBDC is not being explored.

Sustainable Finance

Philippine SEC Finalises Rules for SRI Funds

By Sanday Chongo Kabange | 10/01/2023

SRI Funds will have to allocate at least two-thirds of their NAV to their sustainable investment objective.

Credit Risk

BSP Amends Rules on Single Borrower Limit to Boost Lending

By Editors | 09/01/2023

Banks won’t need approval to exclude credit exposures from the SBL if they are covered by credit risk transfer arrangements such as guarantees or credit derivatives.

Trading & Investment

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.

Anti-Money Laundering

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.

Cybersecurity

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.