Philippines

Fintech / Regtech

BSP Targets September Issuance of Digital Banks Framework

By Editors | 06/09/2020

Separately, new legislation is under development to expedite the digital banking sector, targeted to pass by the end of 2020.

AML / KYC

BSP Confirms Ongoing Probe into State-run Bank Over Cyber Theft

By Sanday Chongo Kabange | 05/09/2020

Over $3mn was stolen from United Coconut Planters Bank through fraudulent ATM withdrawals and online transfers over a three-day holiday in June.

BSP Proposes to Impose Cap on Credit Card Finance Charges

By Editors | 31/08/2020

The BSP says it is looking to impose a maximum finance charge equivalent to an effective annual interest rate of 24 percent for credit card cash advances and installment purchases.

Securities / Derivatives

Philippines Issues Rules on New Investment Vehicle for Corporate Debt

By Editors | 26/08/2020

Corporate Debt Vehicles can issue securities to invest in bonds, notes or commercial papers issued by large corporations and medium-sized enterprises.

Capital / Liquidity

BSP Relaxes Real Estate Lending Limits for Banks

By Editors | 21/08/2020

The higher limit will encourage bank lending to households for the acquisition or construction of a residential real estate property the BSP said.

Fintech / Regtech

BSP Takes Consumer Complaints Chatbot Live

By Sanday Chongo Kabange | 20/08/2020

The trilingual automated chatbot can handle queries and complaints from consumers sent through chat via the BSP website, SMS, or Facebook messenger.

Big Picture

Asian Central Banks Fear Return of USD Funding Stress

By Editors | 19/08/2020

Trade frictions, a resurgence of Covid-19 infection rates, and rising corporate insolvency and credit rating downgrades could prompt renewed US dollar funding stress, says a new report.

Securities / Derivatives

SGX Announces Upcoming Launch of 13 New Equity Futures Contracts

By Editors | 11/08/2020

The new futures contracts are based on net total return and price return indices calculated by FTSE Russell, covering regional as well as single country benchmarks.

Capital / Liquidity

BSP Expects Sound Borrower Assessments, Forbearance Reporting

By Editors | 10/08/2020

Requirements to report forbearance granted to borrowers will ensure industry statistics reflect the “true health of the banking system” and incentivise prudence in banks’ credit decisions.