Philippines

Structural Regulation

Philippine President Selects Budget Secretary as New BSP Chief

By Editors | 05/03/2019

Benjamin Diokno will replace the late Nestor Espenilla as the new central bank chief. Observers had expected one of the three deputy governors to be named.

Supervision & Enforcement

S&P Upgrades Philippine Banking System Following New BSP Charter

By Editors | 04/03/2019

The new charter bolsters the BSP’s powers to exercise its core mandate of promoting a sound financial system and address risks arising from the financial system’s interconnectedness.

Structural Regulation

Philippine President to Select New BSP Chief

By Editors | 26/02/2019

Seen as a champion for banking reform and financial inclusion, BSP governor Nestor Espenilla passed away on Saturday after just 18 months on the job.

Payments & Settlements

BSP Streamlines Licensing Process e-Financial Services Firms

By Editors | 25/02/2019

The move is in line with BSP’s reform agenda to promote digital innovation and increase availability of safer and more efficient channels for financial services.

Supervision & Enforcement

Philippines Expands Central Bank Supervisory Powers

By Editors | 18/02/2019

Amendments to the BSP’s charter will boost its capitalisation and extend its supervisory remit to all financial institutions in the country.

Cryptocurrency

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.

Trading & Investment

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.

Structural Regulation

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.

Fraud, Scams & Cybercrime

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.