Philippines

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.

Anti-Money Laundering

Philippine Banks Directed to Monitor Gaming-related Transactions

By Editors | 25/04/2022

FIs are asked to bolster their CDD and file reports when suspicious transactions are observed involving play-to-earn games such as the recently-hacked Axie Infinity.

Supervision & Enforcement

Philippine SEC Welcomes New Measures to Combat Illegal Loan Apps

By Editors | 14/04/2022

Starting 11 May, the Google Play Store will introduce a new screening process for personal loan apps targeting users in the Philippines.

Anti-Money Laundering

Philippine NPO Sector Rated as Medium Risk for Terrorist Financing

By Sanday Chongo Kabange | 12/04/2022

The SEC warns that suspected or actual misuse of the NPO sector for terrorism financing can present serious ramifications for an NPO’s intended beneficiaries.

Supervision & Enforcement

Philippine SEC to Form Dedicated Unit Targeting Abusive Lending

By Editors | 04/04/2022

The government is seeking to prevent and penalise abusive debt collection practices, misrepresentations, and unreasonable terms and conditions.

Operational Risk

BSP Allows Trust Companies to Outsource Internal Audit Function

By Sanday Chongo Kabange | 04/04/2022

The BSP says trust companies can use the internal audit function of a parent bank or NBFI, or outsource internal audit activities to an external firm.

Fraud, Scams & Cybercrime

BSP Requires Banks to Implement Real Time Fraud Monitoring

By Sanday Chongo Kabange | 31/03/2022

Under new relations, Philippine banks and NBFIs are required to implement automated and real-time fraud monitoring and detection systems by end-December.

Structural Regulation

Philippines Relaxes Foreign Ownership Caps in Key Sectors

By Editors | 26/03/2022

The 85-year-old Public Service Act has been amended to allow full foreign ownership in the airlines, telecommunications, shipping, railway and irrigation sectors.

CBDCs

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.