Philippines

Reporting & Disclosures

GRI Sets Up in Singapore to Promote Sustainability Reporting in ASEAN

By Editors | 04/09/2019

The new ASEAN hub will generate valuable know-how for ESG reporting and sustainable finance, and contribute to Singapore’s development as a financial centre, says SGX CEO Tan Boon Gin.

Structural Regulation

Philippines Signs Islamic Banking Framework into Law

By Editors | 03/09/2019

The law grants Islamic banks powers to carry out the business of a bank in accordance with Sharia principles, in addition to the general powers granted to corporations.

KYC & CDD

Philippines Launches Pilot Test of New National ID System

By Editors | 02/09/2019

The pilot test phase will initially focus on government and welfare services, but will later be expanded to include financial services.

Supervision & Enforcement

Philippine Police Arrest Former Govt Official for Banking Law Violations

By Editors | 28/08/2019

Former foreign affairs secretary Perfecto Yasay Jr is reportedly accused of conspiring to obtain a $6.7mn loan for a company without reporting the loan to the central bank.

Data Privacy

Uncovering the Terms and Conditions for Technology

By Max Kantelia | 27/08/2019

Legislators and industry leaders need to work together to ensure the benefits of innovation do not come at the cost of fairness, choice, and privacy, says Zilliqa co-founder Max Kantelia.

Anti-Money Laundering

APG: Good Progress from Taiwan; Pakistan Falls to ‘Enhanced Follow-up’

By Editors | 26/08/2019

The APG has adopted mutual evaluation reports for the Philippines, China, Hong Kong, Pakistan, Taiwan and the Solomon Islands – due to be published in October.

Cloud & Infrastructure

Philippines to Relaunch OF Bank to Create Digital-only Bank

By Editors | 14/08/2019

The Overseas Filipino Bank was launched in January to cater to overseas Filipino workers, who will more easily be able to access digital-only services.

Market Risk

BSP Issues Guidelines for Banks on Managing IRRBB

By Editors | 14/08/2019

Covered supervised institutions have until 1 January 2021 to develop or revise their policies and procedures in accordance with the guidelines.

KYC & CDD

Philippine SEC Proposes New Requirements for Online Lending Platforms

By Editors | 08/08/2019

The SEC proposes new disclosure and reporting requirements for operators of online lending platforms, in response to inquiries from the public about their registration and legitimacy.