Philippines

    Securities / Derivatives

    Philippine: DOF to Have Oversight of FX Trades by Govt Entities

    By Editors | 04/06/2022

    The Department of Finance is directed through a presidential order to provide oversight of FX derivatives activities of non-bank government entities.

    Crypto / Digital Assets

    UnionBank Issues Philippines’ First DLT-based Digital Bond

    By Editors | 02/06/2022

    The issuance follows a POC project to optimise bond issuance workflows between STACS and PDTC, the Philippines’ national CSD for debt and equities.

    Crypto / Digital Assets

    Crypto Ads to be Screened in the Philippines from 7 July

    By Editors | 29/05/2022

    Firms advertising crypto services to Philippine users will have to provide proof they have registered with the SEC as companies and with BSP as remittance and transfer providers.

    ESG / Sustainability

    BSP Consults on Sustainable Investment Guidelines for Banks

    By Editors | 27/05/2022

    The guidelines offer three recommended approaches to help banks assess the sustainability of their prospective investments.

    Market Infrastructure

    BSP Issues Draft Operating Rules for RTGS Payment System

    By Sanday Chongo Kabange | 26/05/2022

    The RTGS system shall be operated, managed and maintained by the BSP given its recent designation as a systemically important payment system.

    AML / KYC

    Philippines Passes Law to Enhance Financial Consumer Protections

    By Sanday Chongo Kabange | 19/05/2022

    The law grants regulators enhanced powers to address fraud and consumer complaints in a more timely manner.

    Capital / Liquidity

    BSP Issues Guidelines on Strengthening Rural Bank Competitiveness

    By Editors | 11/05/2022

    The guidelines set out options to strengthen the rural banking sector, including through mergers, acquisitions or third party investment.

    AML / KYC

    BSP Sanctions BDO, UBP Over Unauthorised Bank Transfers

    By Editors | 04/05/2022

    The BSP said it has completed its investigation into the incident and sanctioned both BDO Unibank and UBP, but it did not specify the penalties.

    ESG / Sustainability

    Philippine SEC Implores Listed Firms to Improve Board Diversity

    By Editors | 29/04/2022

    The SEC said having women represented on the board is a good corporate governance practice and more listed companies should strive to achieve greater boardroom diversity.

    Fintech / Regtech

    Philippine Central Bank to Pilot Test Wholesale CBDC

    By Editors | 28/04/2022

    Project CBDCPh will test the use of a wholesale CBDC for large-value financial transactions across a limited number of financial institutions.

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