Philippines

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.

Structural Regulation

Philippine SEC Issues Final Guidelines for ASEAN CIS Framework

By Editors | 22/08/2021

In May, the Philippines became the fourth signatory to the ASEAN CIS Framework for cross-border funds after Malaysia, Singapore and Thailand.

Structural Regulation

BSP Grants Digital Bank Licence to Gokongwei-Tyme Joint Venture

By Editors | 20/08/2021

The application window for the submission of applications from new digital banks, including converting banks, will close on 31 August​ 2021.

Anti-Money Laundering

Philippine President to Prioritise Bill to Ease Bank Secrecy Rules

By Manesh Samtani | 20/08/2021

The BSP welcomed the move, saying the bill will provide the central bank tools to investigate illegal activity and improve the safety of the banking system.