Philippines

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    Operational Risk

    BSP Issues Draft Guidelines on Operational Resilience

    By Mark Johnston | 14/07/2023

    Financial institutions should be able to demonstrate that they can continue to render critical operations through significant disruptions.

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    Structural Regulation

    BSP Issues New Rules on Bank Stockholders’ Fitness and Propriety

    By Mark Johnston | 13/07/2023

    The draft circular sets out the criteria and approval process for bank stockholders, aiming to ensure their fitness and propriety.

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    Anti-Money Laundering

    Philippine Government Agencies, Departments Ordered to Adopt New AML Strategy

    By Ranamita Chakraborty | 07/07/2023

    The Philippines is looking to remove itself from the Financial Action Task Force’s “grey list” by improving its efforts in anti-money laundering, counter-terrorism financing, and counter-proliferation.

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    Trading & Investment

    BSP Starts Publishing Temporary Replacement Rate for LIBOR

    By Editors | 06/07/2023

    The new reference rate is generated by translating the 28-day BSP bill rate to its overnight equivalent.

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    Reporting & Disclosures

    The Philippines Publishes Inaugural Sustainability Report

    By Ranamita Chakraborty | 03/07/2023

    The Philippines’ central bank has plans to develop a taxonomy and provide regulatory incentives to encourage financing for sustainable investments.

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    Liquidity Risk

    BSP Ends Covid Relief Measure on Reserve Requirements

    By Sanday Chongo Kabange | 02/07/2023

    Banks can no longer count loans granted to MSMEs and large enterprises towards their compliance with reserve requirements.

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    Trading & Investment

    Philippines Launches Dollar-Peso Cross Currency Swap Market

    By Editors | 28/06/2023

    Dollar-peso cross currency swaps involve a Philippines peso fixed rate and a SOFR-based US dollar floating swap.

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    Anti-Money Laundering

    BSP Urged to Take Action Against Unregistered Crypto Exchanges

    By Mark Johnston | 26/06/2023

    Infrawatch PH says exhibiting leniency toward unregistered crypto exchanges risks the Philippines remaining on the FATF gray list.

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    Structural Regulation

    Philippine Central Bank Set to Get New Governor

    By Sanday Chongo Kabange | 25/06/2023

    Eli Remolona, who previously spent more than 30 years between the NY Fed and BIS, will serve a six-year term as BSP governor starting 3 July.

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    Cloud & Infrastructure

    BSP Introduces Open Finance Pilot to Advance Financial Inclusion Objectives

    By Ranamita Chakraborty | 23/06/2023

    The pilot involves participation from FIs to co-develop an “open, interoperable, and scalable ecosystem”, supported by the BSP and IFC.

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