Philippines

Sanctions

Philippine SEC Proposes New Rules for REITs

By Editors | 10/10/2019

The SEC hopes to develop a viable REIT market to provide funding for infrastructure projects and investment opportunities for local investors.

Capital / Liquidity

Philippines Amends Framework for Identifying D-SIBs

By Editors | 04/10/2019

The BSP will give more importance to a bank’s size and interconnectedness when deciding which lenders should be classified as D-SIBs.

Fintech / Regtech

BSP Streamlines Rules for Payment System Operators

By Editors | 03/10/2019

The Philippine central bank has simplified the registration process for payment system operators, and created a new consolidated manual of regulations to facilitate compliance.

Capital / Liquidity

BSP Lowers Bank Reserve Requirement Ratio

By Editors | 01/10/2019

The 100bp cut in bank reserve requirements is expected to free up about $2.1bn in the financial system “in support of credit activity”.

Market Infrastructure

APAC Central Banks Prepare Market for Benchmark Reforms

By Editors | 27/09/2019

A group of APAC central banks have issued a report on the regional implications of LIBOR’s discontinuation, BMR implementation, and reforms to local benchmarks.

Capital / Liquidity

BSP Enhances Rules on Voluntary Surrender of Banking Licences

By Editors | 24/09/2019

The guidelines are aimed at improving protections for depositors and creditors of banks that have decided to cease operations.

Securities / Derivatives

Philippine Insurers Permitted to Borrow, Lend Securities

By Editors | 24/09/2019

The move is aimed at helping the insurance industry to broaden their investment options, diversify their portfolios, and more actively participate in capital market development.

Enforcement

Philippines Moves to End Abusive Practices by Fintech Lenders

By Editors | 18/09/2019

A code of ethics and code of conduct have been adopted by members of FinTechAlliance.ph prohibiting the harassment and shaming of delinquent borrowers.

BSP Revises Rules to ‘Institutionalise’ Consumer Protection at Banks

By Editors | 11/09/2019

The BSP has revised its financial consumer protection framework to ensure banks conduct their business ethically and refrain from practices that may cause harm to consumers.