Philippines

Capital / Liquidity

BSP Raises Minimum Capital Requirement for Rural Banks

By Sanday Chongo Kabange | 06/09/2022

The PHP 10 million minimum capital requirement was raised to PHP 50 million, which is less than was proposed in May.

Capital / Liquidity

Philippines to Assess Financial Conglomerate Risks in October

By Editors | 06/09/2022

The first supervisory college focusing on financial conglomerates concluded in June. The second supervisory college will commence in October.

AML / KYC

BSP Rolls Out New Cyber Risk Management Software at FIs

By Editors | 06/09/2022

The software will streamline and automate regulatory supervision, reporting and compliance assessment of banks’ cybersecurity risk management.

Capital / Liquidity

BSP Approves Guidelines on Large Exposures Monitoring

By Editors | 31/08/2022

The guidelines set out the criteria banks should use to assess economic interdependence between connected counterparties, among other requirements.

AML / KYC

Philippine Banks, Telecom Partner to Combat Cybercrime, Fraud

By Editors | 30/08/2022

BAP member banks and Globe Telecom will share data and intelligence to help counter cybercrime and fraud threats.

Crypto / Digital Assets

UnionBank Becomes First Philippine Bank to Enable Crypto Trading

By Editors | 30/08/2022

UnionBank has also been exploring other uses of blockchain technology, as it seeks to future-proof its business and expand its metaverse footprint.

ESG / Sustainability

BSP Issues Sustainable Investment Guidelines for Banks

By Sanday Chongo Kabange | 29/08/2022

Banks whose investments are exposed to material environmental and social risks should adopt appropriate tools and metrics to assess, measure, and monitor these risks.

AML / KYC

BSP Calls for ‘Limited Amendment’ to Bank Secrecy Law

By Editors | 27/08/2022

BSP senior assistant governor Elmore Capule told a Senate Committee the BSP is looking for a “limited relaxation of the bank secrecy laws”.

Fintech / Regtech

Philippines Issues Draft Rules on Digital Payments Adoption

By Mark Johnston | 24/08/2022

All government departments and agencies, state universities and colleges, and state-owned or controlled corporations will have to implement digital payments.