Philippines

Climate Risk

PwC Offers ESG Risk Management Recommendations for Banks

By Manesh Samtani | 09/03/2021

Banks need to adopt training and change management programmes to ensure employees embrace ESG risk management as a requirement and discipline.

Credit Risk

BSP Issues Draft Guidelines on New ‘Bad Bank’ Law

By Ranamita Chakraborty | 09/03/2021

Banks can stagger the booking of losses from the discounted sale of NPAs to FIST corporations over five years, provided proper disclosures are made.

Operational Risk

BSP Relaxes Reporting Requirements for Financial Institutions

By Editors | 07/03/2021

The BSP is reducing reporting requirements related to the borrowings of directors, officers, stockholders and their related interests.

Emerging Prudential Risks

BSP Issues Guidance on Reporting of LIBOR Exposures

By Manesh Samtani | 05/03/2021

Banks are required to report on all derivatives, as well as assets and liabilities that are interest-bearing, even where there is no LIBOR or PHIREF exposure.

KYC & CDD

Philippine SEC Orders Corporations to Declare Beneficial Owners

By Ranamita Chakraborty | 01/03/2021

Corporations in the Philippines have until 31 March to submit an online form declaring their beneficial owners, principals and nominee arrangements.

Emerging Prudential Risks

Philippines to Establish Facility for Catastrophe Risk Sharing

By Editors | 28/02/2021

Domestic insurers that provide catastrophe risk coverage currently reinsure their risks overseas. The new facility will enable insurers to pool risk and resources domestically.

Anti-Money Laundering

Philippine AMLC Sets Deadline for Newly Covered Entities to Register

By Ranamita Chakraborty | 27/02/2021

Real estate developers and brokers, as well as offshore gaming operators and their service providers, have to register with the AMLC’s electronic reporting system by 16 March.

Credit Risk

Philippine SEC Issues Implementing Rules for ‘Bad Bank’ Law

By Editors | 25/02/2021

The implementing rules cover the creation of so-called ‘FIST corporations’, as well as the processes they will use to acquire, transfer and manage non-performing assets.

Data Privacy

BSP to Draft Data Governance Policy for Financial Institutions

By Editors | 22/02/2021

The new regulatory framework will guide banks and other financial institutions on how they use and handle electronic information that they collect from customers.