Philippines

Anti-Money Laundering

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.

Structural Regulation

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.

Conduct, Culture & Accountability

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.

Structural Regulation

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.

Payments & Settlements

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.

Operational Risk

BSP Issues Revised Outsourcing Rules for Banks

By Editors | 27/02/2022

Banks need BSP approval to enter into material outsourcing arrangements. They must also conduct periodic assessments to ensure outsourcing risks are properly managed.

Sustainable Finance

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.

Anti-Money Laundering

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.

Structural Regulation

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.