Philippines

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.

Market Abuse

BaFin Files Criminal Complaint Against Deutsche Bank Exec

By Manesh Samtani | 23/04/2021

Alexander Schütz is suspected of using inside information to trade Wirecard shares. A separate probe into EY’s audits of Wirecard is continuing.

KYC & CDD

Philippines: PhilSys National ID System Draws 28m Registrations

By Editors | 22/04/2021

The issuance of PhilSys ID cards is expected to start within 2021, eventually replacing most other forms of government-issued ID.

Capital Adequacy

Philippine Banks May Face ‘Systemic Solvency Distress’: IMF

By Ranamita Chakraborty | 19/04/2021

Bank capital adequacy could fall to 11.7% by 2022 in a baseline scenario, 9.3% in an adverse scenario, and 4.9% in a severe adverse scenario.

Structural Regulation

Citigroup to Exit 13 Markets, Including 10 in Asia

By Editors | 19/04/2021

The move is part of an ongoing strategic review to allow Citi to direct resources to the businesses where it has the greatest scale and growth potential.