Philippines

Emerging Prudential Risks

Philippine FSCC Identifies Leverage as Key Downside Risk

By Ranamita Chakraborty | 08/06/2021

Cross-border effects are creating a layer of risks on top of scars that Covid has already inflicted on the domestic economy, the FSCC says.

Market Risk

BSP Raises Bank Limits on Open FX Positions

By Ranamita Chakraborty | 07/06/2021

The BSP has raised the limit as part of a larger set of amendments to the framework for the management of banks’ open FX positions.

Anti-Money Laundering

BSP Orders Banks to Enhance STR Filing Processes

By Editors | 07/06/2021

Incorrect STR filings, as identified by the AMLC in a recent review, could downplay the risk and prioritisation of STRs, particularly when they involve high-risk crimes.

Anti-Money Laundering

Philippine Financing, Lending Firms Must Register with AMLC by 21 June

By Editors | 04/06/2021

Newly covered financing and lending companies that fail to register with the AMLC by 21 June will incur penalties.

Reporting & Disclosures

BSP Outlines Expectations for Banks on Sustainable Finance

By Sanday Chongo Kabange | 04/06/2021

Banks must establish environmental and social risk management systems and disclose their sustainability initiatives in their annual reports.

Structural Regulation

Philippine SEC Issues Draft Guidelines for ASEAN CIS Framework

By Editors | 03/06/2021

The draft guidelines will operationalise the supplemental MOU signed last month to admit the Philippines to the ASEAN CIS framework.

Tokenisation

Bursa Malaysia Concludes Blockchain Bond POC with STACS

By Sanday Chongo Kabange | 03/06/2021

The collaborative efforts from the PoC have established a new ‘Bond in a Box’ operating model that shows commercial potentials, the project report says.

Credit Risk

BSP Sets Out Approval Procedures for Bad Loan Disposal

By Ranamita Chakraborty | 02/06/2021

The BSP has set out the procedure for lenders to apply for approval to dispose of NPAs under the provisions of the FIST Act.

Anti-Money Laundering

Philippines: 26 Groups Jointly Call for Easing of Bank Secrecy Law

By Ranamita Chakraborty | 02/06/2021

The groups say the Philippines lags the world on bank secrecy and allows politicians and other government officials to hide unexplained wealth.