Philippines

Trading & Investment

ISDA Publishes New Set of Fallbacks for IBOR Derivatives

By Manesh Samtani | 17/12/2021

The new fallbacks cover IBORs in India (MIFOR), Malaysia (KLIBOR), New Zealand (BKBM), Norway (NIBOR), the Philippines (PHIREF) and Sweden (STIBOR).

Fraud, Scams & Cybercrime

BSP to Ensure Hacked BDO Accounts Are Reimbursed

By Mark Johnston | 15/12/2021

Some 700 customers of BDO Unibank have suffered losses due to a hack. The BSP said it will ensure remedial measures are undertaken.

Sustainable Finance

Bangko Sentral’s ‘Deliberate Approach’ to Sustainable Finance

By Mark Johnston | 14/12/2021

Deputy governor Chuchi Fonacier explains the BSP’s policy approach to sustainability, highlighting the central bank’s role as an ‘enabler’, ‘mobiliser’ and ‘doer’.

Payments & Settlements

BSP Urges Rural Banks to Promote Financial Inclusion Through Tech

By Mark Johnston | 07/12/2021

As of end-June 2021, there were over 3,000 rural banks nationwide. However, only 21 of them offer PESONet and 11 offer InstaPay for electronic fund transfer services.

Cloud & Infrastructure

Philippine SEC Seeks Funding Boost to Support Digital Transformation

By Mark Johnston | 06/12/2021

The SEC is seeking PHP 2.6 billion over a five year period to implement sweeping digital transformation initiatives, including to upgrade existing systems.

Anti-Money Laundering

Billionaire’s Arrest Signals China’s Intent to End Cross-Border Gambling

By Darien Choong | 05/12/2021

Suncity Group’s Alvin Chau allegedly operated a gambling syndicate that used Macau as a base for an illegal “live web betting platform” in the Philippines, targetting customers in mainland China.

Fraud, Scams & Cybercrime

Police Arrest 1,000 in Interpol Operation Targeting Online Fraud

By Ranamita Chakraborty | 01/12/2021

The operation was used to test a new worldwide stop-payment mechanism which Interpol plans to fully embed in police communication channels next year.

Payments & Settlements

BSP Allows Digital Banks to Participate in Monetary Operations

By Editors | 30/11/2021

Digital banks and unit investment trust funds can also participate in the secondary market for central bank securities.

Climate Risk

Thailand Needs Government Intervention to Achieve Net-zero

By Pongnut Thanaboonchai | 25/11/2021

Market forces alone will not be sufficient for Thailand to tackle carbon emissions and achieve net-zero, says Pongnut Thanaboonchai.