Philippines

ESG / Sustainability

BSP Calls on Banks to Adhere to Sustainable Finance Roadmap

By Mark Johnston | 22/02/2022

Lending to activities that are considered sustainable and environment-friendly will qualify FIs for incentives, such as preferential rediscount rates.

AML / KYC

Philippine AMLC Asks FIs to Guard Against Digital Vote-Buying

By Editors | 21/02/2022

The advisory comes in anticipation of an influx of financial activities that usually occur during elections. The Philippines has a general election on 8 May.

Securities / Derivatives

Philippine SEC Proposes Draft Rules For Umbrella Funds

By Sanday Chongo Kabange | 21/02/2022

Investment companies will be allowed to operate umbrella funds as long as they create at least two sub-funds, which segregated assets and liabilities.

BSP Eases Confirmation Process for Bank Directors, Officers

By Editors | 20/02/2022

The amendments aim to limit the coverage of officers requiring confirmation for appointment and to streamline documentary requirements.

Securities / Derivatives

Philippine SEC Consults on ASEAN Sustainable Fund Standards

By Editors | 14/02/2022

The SEC seeks views from investment firms and fund managers on their expectations for sustainable funds, including issuance trends, investment drivers, and regulatory requirements.

Philippine SEC Proposes Fee Cap Guidance for Lending Companies

By Sanday Chongo Kabange | 09/02/2022

The proposed guidance seeks to operationalise a BSP circular which was implemented earlier this year to curb predatory lending practices.

AML / KYC

Philippines: DOJ, BAP to Collaborate on Combatting Cybercrime

By Ranamita Chakraborty | 07/02/2022

The DOJ and BAP will collaborate on stronger measures to combat online fraud, including to enhance enforcement and prosecution of cybercriminals.

Market Infrastructure

Philippines to Enhance Supervision of Financial Conglomerates

By Editors | 04/02/2022

The BSP, SEC, PDIC, and Insurance Commission have agreed to establish a supervisory college for financial conglomerate supervision.

Enforcement

Philippines Passes New Financial Consumer Protection Act

By Editors | 02/02/2022

The law empowers financial regulators to enforce standards of business conduct by financial entities and adjudicate on consumer complaints.