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Payments & Settlements
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.
Conduct, Culture & Accountability
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 Adequacy
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.
Fraud, Scams & Cybercrime
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.
Conduct, Culture & Accountability
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.
CBDCs
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.
Capital Adequacy
BSP Proposes Higher Capital Requirements for Rural Banks
By Editors | 27/04/2022
The BSP says higher capital requirements will enable rural banks to enhance risk management, upgrade resources, and accelerate digital transformation.
Fraud, Scams & Cybercrime
BSP Directs FIs to Implement Controls Against Cyber Fraud
By Editors | 26/04/2022
The recommended control measures include the removal of clickable links in emails and SMS and customer notifications for fund transfers and contact information changes.
PEPs & Sanctions
AMLC Philippines Launches Review of Sanctions Screening Practices
By Editors | 26/04/2022
The AMLC has partnered with AML Analytics as its testing and validation partner to conduct a thematic review of customer- and transaction-screening systems at FIs and DNFBPs.
Credit Risk
BSP Proposes Changes to Large Exposures Framework for Banks
By Ranamita Chakraborty | 26/04/2022
Large exposures are defined as exposures equal to or higher than 10 percent of the Tier 1 capital, double the previous 5 percent threshold.
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