Philippines

    PEPs & Sanctions

    Prospects of Western–Japanese Coordination on Human Rights Sanctions

    By Sasha Erskine | 15/05/2021

    Japan will set itself apart as an active sanctioning partner in Asia and further boost the global effort to combat human rights violations, writes RUSI’s Sasha Erskine.

    Anti-Money Laundering

    Philippine SEC Rates Securities Sector for Money Laundering

    By Sanday Chongo Kabange | 12/05/2021

    The SEC found that investment houses and underwriters presented ‘medium-high’ risk, compared to ‘medium’ risk for the securities sector overall.

    Trading & Investment

    Philippine SEC Joins ASEAN Framework for Cross-border Funds

    By Editors | 12/05/2021

    Regulators from Singapore, Malaysia and Thailand – already part of the initiative – have signed a supplemental MoU admitting the Philippine SEC into the CIS framework.

    Structural Regulation

    BSP Expects New Digital Banks to Launch in H2 2021

    By Ranamita Chakraborty | 05/05/2021

    The BSP has received four applications for digital bank licences, including two from thrift banks that wish to convert their existing licences.

    Credit Risk

    BSP Extends Regulatory Relief for Banks Pending ‘FIST’ Rescue

    By Ranamita Chakraborty | 05/05/2021

    The BSP has extended the higher single borrower limit and relief on loan classification, pending full operationalisation of the FIST Act.

    Custody & Infrastructure

    Blockchain Groups Form New ASEAN Consortium to Drive Adoption

    By Editors | 27/04/2021

    Members include blockchain associations in Singapore, Indonesia, the Philippines, Malaysia, Thailand and Australia.

    Resolution & Recovery

    BSP Asks D-SIBs to Submit Recovery Plans Separate from ICAAP

    By Editors | 27/04/2021

    Separate submission will allow the BSP to better assess recovery plans on an institutional level and across D-SIBs, particularly during times of crisis.

    Structural Regulation

    BSP May Raise Cap on Digital Banking Licences

    By Ranamita Chakraborty | 25/04/2021

    Under the digital banking framework approved by the BSP in November, the number of digital bank licences is capped at five.

    Anti-Money Laundering

    BSP Renews Push for Changes to Bank Secrecy Law

    By Editors | 23/04/2021

    BSP Governor Benjamin Diokno expects a pending bill to be acted upon by Congress as early as May.

    Structural Regulation

    Philippines to Grant BSP Authority Over Insurance Commission

    By Editors | 23/04/2021

    Under a proposed bill, the supervision of the Insurance Commission will move from the Department of Finance to the BSP.

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