Philippines

Market Infrastructure

BSP Instructs Banks to Report on LIBOR Exposures Quarterly

By Manesh Samtani | 23/11/2020

The regular reports will guide the degree of the central bank’s supervisory engagement with individual institutions, BSP deputy governor Chuchi Fonacier told Regulation Asia.

Fintech / Regtech

BSP Seeks Interoperability, Unified Standard in Payments

By Sanday Chongo Kabange | 21/11/2020

BSP governor Benjamin Diokno envisions that payment facilities operated by individual banks and payment firms will operate under a single standard.

AML / KYC

IMF Calls for Amendments to Philippine Bank Secrecy Laws

By Editors | 17/11/2020

The BSP should be granted “unimpaired access” to information on all customer accounts and the ability to employ and share depositor information for any prudential purpose.

AML / KYC

Philippine SEC Assesses Risk of Non-Profit Organisation Sector

By Editors | 17/11/2020

Based on the risk assessment, the SEC will implement “the most appropriate mitigation measures” to manage money laundering and terrorist financing risks.

Fintech / Regtech

BSP, MAS Declare Opposition to Data Localisation Requirements

By Editors | 16/11/2020

Data mobility in financial services supports economic growth, innovative financial services, risk management and compliance, BSP and MAS say in a joint statement.

Capital / Liquidity

Philippine Senate Passes Bill to Establish ‘Bad Bank’ Framework

By Editors | 15/11/2020

The bill was fast-tracked amid fears that loan defaults could burden lenders and hamper their ability to provide credit to businesses and consumers.

AML / KYC

Philippine Authorities Probe Financial Transactions Linked to Wirecard

By Sanday Chongo Kabange | 11/11/2020

The National Bureau of Investigation is examining the financial transactions of a law firm office that appears to have provided legal services to Wirecard and Jan Marsalek.

ESG / Sustainability

‘Global Asia Insurance Partnership’ to Launch in January

By Editors | 04/11/2020

GAIP will incubate new risk financing solutions for emerging risks in Asia and serve as a policy think tank, initially focusing on pandemic risk and climate risk.

BSP to Stimulate SME Lending with New Credit Risk Database

By Sanday Chongo Kabange | 28/10/2020

The database will use financial statements and loan default information held by financial institutions to generate credit scores and better estimate default risk.