Philippines

Payments & Settlements

Philippine Banks Adopting Global Best Practices in FX Settlement

By Jimmy Ho | 13/09/2021

Jimmy Ho and Sammie Chan discuss Metrobank’s adoption of PvP settlement and how it reflects a broader trend in the Philippine banking industry.

PEPs & Sanctions

Philippine SEC Disseminates Guidance on Targeted Financial Sanctions

By Editors | 12/09/2021

The guidance now covers targeted financial sanctions related to terrorism, terrorism financing, and proliferation financing, including remedies and relevant UNSC links.

Structural Regulation

Philippines: BSP Has 11 Digital Bank Applications to Review

By Editors | 12/09/2021

Two applications were already under review. Nine new applications were received before the deadline. Only two more licences may be up for grabs.

Anti-Money Laundering

Philippine AMLC Asks Firms to Provide UBO Information in STRs

By Sanday Chongo Kabange | 10/09/2021

The FATF action plan requires the Philippines to enhance and streamline law enforcement agencies’ access to accurate and up to date beneficial ownership information.

Reporting & Disclosures

Philippine SEC to Make Sustainability Reporting Mandatory

By Editors | 06/09/2021

Publicly listed companies will be required to submit sustainability reports separate from their annual reports from 2023.

Data Privacy

BSP to Roll Out Unified Data Standards for FIs by Year-End

By Ranamita Chakraborty | 25/08/2021

The framework seeks to ensure that all the information obtained by and passed through different digital channels is handled ethically.

Structural Regulation

BSP to Close Application Window for Digital Banks

By Editors | 23/08/2021

The application window will be closed for three years. Applications received by 31 August will be processed on a first-come, first-served basis.

Payments & Settlements

BSP Designates RTGS System as Systemically Important

By Ranamita Chakraborty | 23/08/2021

The BSP was granted authority to designate systemically important payment systems under the National Payment Systems Act, which was signed into law in 2018.

Payments & Settlements

BSP Relaxes Rules on FX Trade Approval for Banks

By Editors | 22/08/2021

Banks can sell FX without prior BSP approval if they will be used for activities such as online e-commerce payments, certain imports of goods, and fee payments.