Philippines

Market Infrastructure

BSP Designates Two “Prominently Important” Payment Systems

By Editors | 18/07/2022

The designation of PESONet and InstaPay as Prominently Important Payment Systems will mean they are subject to closer BSP supervision and monitoring.

AML / KYC

BSP Issues Guidance on Conducting AML/CFT Risk Assessments

By Editors | 18/07/2022

The findings from institutional risk assessments should be used to enhance AML/CFT/CPF/sanctions compliance programmes and made available to the BSP during examinations.

AML / KYC

BSP Reiterates Calls for FIs to Enhance Anti-Fraud Measures 

By Editors | 05/07/2022

The BSP has vowed to intensify monitoring and surveillance of the financial industry to ensure they “remain responsive to emerging risks”.

Crypto / Digital Assets

Japan’s Soramitsu to Study CBDC in Vietnam, Fiji, Philippines

By Editors | 27/06/2022

Japan’s METI has selected Soramitsu to conduct CBDC feasibility studies in other APAC countries, building on its work in Cambodia and Laos.

Fintech / Regtech

BSP Upgrades Infrastructure to Support Big Data Applications

By Editors | 16/06/2022

The BSP plans to start using big data sources and applications in 2023, starting with an index that will analyse online news to gauge the sentiment.

Market Infrastructure

Philippines Launches New Framework for Managing Crises

By Editors | 15/06/2022

The SRCM framework sets out how the FSCC should intervene in the event of a potential systemic risk that could negatively affect the macroeconomy.

AML / KYC

IMF Calls on Philippines to Enhance AML Supervision

By Sanday Chongo Kabange | 14/06/2022

Limited actions to amend bank secrecy laws present risks to the Philippines. Casinos, the gaming industry, and crypto exchanges are flagged as risky.

Securities / Derivatives

Philippine Bourse to Permanently Close Trading Floor

By Editors | 13/06/2022

The pandemic has prompted brokers to conduct their trading activities off-site and hastened the PSE’s migration to ‘floorless trading’.

Capital / Liquidity

New Capital Rules May Force Philippine Rural Banks to Close

By Editors | 08/06/2022

RBAP president Albert Concha says higher capital requirements proposed by BSP will cause rural bank closures and stunt financial inclusion initiatives.