Philippines

Fintech / Regtech

BSP to Initiate Pilot Project to Test CBDC Use Cases

By Sanday Chongo Kabange | 16/03/2022

The BSP is looking to explore the use of CBDC in account-based distribution of cash assistance, as well as in cross-border money transfers.

Fintech / Regtech

BSP Revises Regulatory Framework for E-money Issuers

By Mark Johnston | 15/03/2022

E-money can refer to monetary value “electronically stored in an instrument or device” – including cash cards, prepaid cards, stored value cards or digital wallets.

Market Infrastructure

BSP Designates Two More Systemically Important Payment Systems

By Mark Johnston | 14/03/2022

The Philippine Domestic Dollar Transfer System and the PHP-USD Payment versus Payment System have been designated systemically important.

Market Infrastructure

Philippine Regulators Issue Guidelines on Streamlining Bank M&As

By Sanday Chongo Kabange | 10/03/2022

Five agencies including the BSP and SEC will have a total 55 business days to process merger, consolidation, acquisition applications from banks.

AML / KYC

Philippine AMLC Extends Deadline for DNFBP AML Programmes

By Editors | 10/03/2022

The deadline for DNFBPs to formulate a money laundering and terrorism financing prevention programme has been extended to June.

Philippines Passes Law to Ease Foreign Investment Restrictions

By Editors | 09/03/2022

Qualified foreigners can fully own domestic enterprises including SMEs without prior approval, as long as they hire local workers.

Enforcement

Philippine SEC Strengthens Director Disqualification Rules

By Editors | 08/03/2022

The rules set out the conditions under which the SEC can disqualify and remove a director, trustee, or officer of a company.

Philippine SEC Implements Caps on Loan Rates, Fees

By Mark Johnston | 07/03/2022

The caps were prescribed to curb predatory and abusive practices by lending and financing companies including on online platforms.

Market Infrastructure

BSP Approves Reporting Rules for Payment System Operators

By Mark Johnston | 07/03/2022

Compliance requires effective a management information system that enables independent validation and periodic independent review of reporting processes and procedures.