BANGKO SENTRAL NG PILIPINAS

Crypto / Digital Assets

BSP Urged to Take Action Against Unregistered Crypto Exchanges

By Mark Johnston | 26/06/2023

Infrawatch PH says exhibiting leniency toward unregistered crypto exchanges risks the Philippines remaining on the FATF gray list.

Philippine Central Bank Set to Get New Governor

By Sanday Chongo Kabange | 25/06/2023

Eli Remolona, who previously spent more than 30 years between the NY Fed and BIS, will serve a six-year term as BSP governor starting 3 July.

Fintech / Regtech

BSP Introduces Open Finance Pilot to Advance Financial Inclusion Objectives

By Ranamita Chakraborty | 23/06/2023

The pilot involves participation from FIs to co-develop an “open, interoperable, and scalable ecosystem”, supported by the BSP and IFC.

Market Infrastructure

Philippines Sets Temporary Replacement Rate for LIBOR

By Editors | 23/06/2023

The temporary O/N reference rate to replace LIBOR will be based on the 28-day BSP bill rate. A permanent benchmark and “credible” yield curve will be developed by January 2024.

AML / KYC

AMLC Sheds Light on Terrorism Financing Threats Facing Philippines

By Editors | 21/06/2023

New risk assessment highlights the use of social media platforms and cryptocurrencies by terrorist groups to raise funds.

Fintech / Regtech

Philippines, India Agree to Collaborate on FinTech Regulation

By Ranamita Chakraborty | 21/06/2023

Key representatives from the central banks and regulatory bodies of both countries have formed a joint working group.

AML / KYC

Philippines Steps Up Efforts to Exit FATF ‘Grey’ List

By Ranamita Chakraborty | 20/06/2023

The Philippines’ Anti-Money Laundering Council’s executive director Matthew M. David talks to Regulation Asia about its action plan to take the country out of the Financial Action Task Force’s ‘Grey’ List.

Fintech / Regtech

BSP Proposes Enhance Guidelines for Electronic Fund Transfers

By Editors | 15/06/2023

In the event of unsuccessful transactions, financial institutions must return the amount to the sender within one hour.

Capital / Liquidity

BSP Reduces Reserve Requirements for Banks, NBFIs

By Sanday Chongo Kabange | 09/06/2023

The BSP says the lower reserve requirements will help to ensure stable domestic liquidity and credit conditions.