Philippines

Crypto / Digital Assets

Philippines’ CEZA Issues New Rules for Digital Assets, Token Offerings

By Editors | 08/02/2019

The new regulations cover the acquisition of crypto assets, including utility and security tokens, as well as issuer requirements relating to registration, security and investor protection.

Philippine Banks Required to Report on Deposit, Loan Rates

By Editors | 08/02/2019

Bank interest rates on loans and deposits will be published to allow consumers to compare costs, and to enhance the BSP’s monitoring and analysis.

BSP Eases Licensing for Banks Seeking Special Authorities

By Editors | 06/02/2019

Business decisions made largely as part of managing regular operations will no longer require the BSP’s approval.

AML / KYC

UPDATED – Bangladesh Bank Files New York Lawsuit over Cyber Heist

By Editors | 04/02/2019

Bangladesh Bank has filed a $66mn lawsuit against Philippines-based RCBC and others over the 2016 bank heist, where hackers stole $101mn from its account with the New York Fed.

Capital / Liquidity

Philippine Central Bank Revises Computation of Banks’ Net Worth

By Editors | 23/01/2019

The Philippines has changed its rules for calculating bank capital to better reflect asset quality and align with computations used for capital adequacy.

Fintech / Regtech

Nine Associations Join Forces to Launch ‘Asia-Pacific FinTech Network’

By Editors | 17/01/2019

Launched at the Asian Financial Forum in Hong Kong, the new network aims to boost regional collaboration and cross-border innovation.

Securities / Derivatives

Singapore, Philippine Bourses Collaborate on Equity Derivatives

By Editors | 15/01/2019

The SGX and PSE are working on developing new equity index derivatives for listing in the Philippines to offer a more diverse product line to international investors.

AML / KYC

Philippine Court Rules in First Conviction in Bangladesh Bank Heist Case

By Garima Chitkara | 11/01/2019

Former RCBC bank manager Maia Santos-Deguito faces 49 years imprisonment and fines of up to $110mn for her role in the February 2016 theft of $81mn from Bangladesh’s central bank.

Capital / Liquidity

Philippine Banking System Stable Despite Outside Challenges

By Editors | 07/01/2019

The Philippine banking system “remained robust and continued to exhibit strong capital position and sustained growth in core earnings”, says BSP deputy governor Chuchi Fonacier.