Bangko Sentral ng Pilipinas

Structural Regulation

BSP Set to Reopen Applications for Digital Bank Licences

By Sanday Chongo Kabange | 30/07/2024

BSP Governor Eli Remolona said a circular would be released “soon” indicating when the application window will be reopened.

Payments & Settlements

BSP Introduces Framework for Merchant Payment Activities

By Sanday Chongo Kabange | 26/07/2024

The framework sets out regulatory requirements for operators of payment systems that engage in merchant payment acceptance activities.

CBDCs

Philippines: BSP to Conclude CBDC PoC by Year-end

By Nithya Subramanian | 26/07/2024

Testing of the DLT and wCBDC tokenisation is complete. Two test runs of sandbox experiments are now being conducted.

Payments & Settlements

Philippines Launches Automated Intraday Settlement Facility

By Sanday Chongo Kabange | 24/07/2024

The facility will provide liquidity to ensure payments flow smoothly through the RTGS system, known as PhilPaSSplus.

Fraud, Scams & Cybercrime

Philippines Enacts Anti-Financial Account Scamming Act

By Editors | 22/07/2024

The law institutionalises penalties for social engineering-related crimes and online scams, including the use of mule accounts.

Structural Regulation

BSP Issues New Guidelines on FX Reporting and Penalties

By Sanday Chongo Kabange | 18/07/2024

The BSP says reporting entities have until 31 December to make the necessary preparations and adjustments to their systems and processes.

Stablecoins

Philippine Crypto Firm Launches First Peso Stablecoin

By Sanday Chongo Kabange | 09/07/2024

Coins.ph has launched its Peso-backed stablecoin to enhance efficiency and reduce costs of transactions and payments.

Payments & Settlements

BSP Ramps Up Financial Inclusion Efforts

By Sanday Chongo Kabange | 05/07/2024

The BSP will explore open finance use cases to enhance financial inclusion efforts and get more citizens into the formal financial system.

Payments & Settlements

Project Nexus Completes Blueprint; Prepares for Live Implementation

By Nithya Subramanian | 02/07/2024

To facilitate live implementation, a new entity named the Nexus Scheme Organisation, will be established.