Philippines

Payments & Settlements

Philippines Passes Bill Appointing Central Bank As Payments Regulator

By Garima Chitkara | 30/08/2018

BSP appointed as payments regulator in the Philippines to ensure safe and efficient functioning of the country’s payments system, promote interoperability among payment networks and incorporate digital payments.

Emerging Prudential Risks

BSP Unveils First Financial Stability Report

By Garima Chitkara | 30/08/2018

Inaugural financial stability report focuses on impact of higher interest rates and weakening EM currencies on outstanding debt. It also looks at potential financial stability implications from fintech and ASEAN integration.

Data Privacy

India Tops Global Data Breach List For 2018 – Report

By Garima Chitkara | 22/08/2018

India, Vietnam and Australia were among the top five jurisdictions globally in terms of records exposed.

Liquidity Risk

Philippines Eases Bond Issuance Rules for Banks

By Manesh Samtani | 15/08/2018

BSP circular says banks do not need prior approval of central bank to issue bonds and commercial papers and sets out eligibility criteria for issuers.

Tokenisation

Philippines Proposes Regulatory Framework for ICOs

By Editors | 09/08/2018

Draft rules propose issuers undergo initial assessment to determine if ICO tokens are securities; security tokens must be registered with the SEC and proceeds must be maintained in escrow.

Credit Risk

BSP Approves PFRS 9 Adoption at Philippine Banks

By Garima Chitkara | 06/08/2018

Philippines domestic guidelines for IFRS 9 have been adopted by the central bank with additional requirements for governance overlaid on rules for impairment of bank assets.

Anti-Money Laundering

Philippines, Indonesia to Cooperate on AML/CFT

By Editors | 06/08/2018

The governors of BSP and BI signed an MoU to cooperate on AML and CFT for payment and settlement systems, focusing on policy dialogue, information exchange and capacity building.

Liquidity Risk

Philippine NSFR Rules May Raise Funding Costs For Banks – Fitch

By Garima Chitkara | 12/07/2018

In a report by Fitch unit BMI Research, large banks in the Philippines may need to increase deposit taking and reduce long-term loans as a result of increased funding costs brought on by the new NSFR framework.

Cryptocurrency

BSP Approves Two More Virtual Currency Exchanges

By Garima Chitkara | 12/07/2018

Virtual Currency Philippines and Etranss accredited by the BSP bringing the total number of virtual currency exchanges in the Philippines to five.