Philippines

    Sustainable Finance

    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.

    Anti-Money Laundering

    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”.

    Payments & Settlements

    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.

    Structural Regulation

    BSP to Increase Penalties for Misreporting of FX Transactions

    By Editors | 23/08/2022

    The new penalties regime is intended to help protect the value of the Philippine peso, maintain price stability, and deter future violations.

    Conduct, Culture & Accountability

    BSP Drafts New Rules on Financial Services Dispute Resolution

    By Editors | 18/08/2022

    Complainants can elect for mediation or adjudication only if the complaint cannot be resolved by the FI itself or the BSP’s Consumer Assistance Mechanism.

    Anti-Money Laundering

    Philippine AMLC Tightens Requirements on DNFBPs

    By Editors | 18/08/2022

    Updated AML/CFT guidelines require DNFBPs to submit proof that their proprietors, partners, directors and principal officers have attended an AML seminar.

    Payments & Settlements

    BSP Urged to Regulate Away ‘Exorbitant’ Bank Transfer Fees

    By Editors | 15/08/2022

    Lawmaker Joey Salceda is calling on the BSP to set a cap on transfer fees charged by banks for the use of interbank payment systems.

    Cryptocurrency

    Philippines: BSP to Suspend VASP Licensing for Three Years

    By Editors | 15/08/2022

    Starting from 1 September, new VASP licence applications will only be entertained if they come from existing BSP-supervised financial institutions.

    Structural Regulation

    BSP Green Lights Q3 Launch of GoTyme Digital Bank

    By Editors | 05/08/2022

    GoTyme Bank, a joint venture of digital banking group Tyme and members of the Gokongwei Group of companies, was awarded a Certificate of Authority.

    Payments & Settlements

    BSP to Ease Documentary Requirements for FX Transactions

    By Editors | 31/07/2022

    The BSP has proposed draft rules to ease the documentary requirements for registering inward investments and FX remittances to fund investments.

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