Bangko Sentral ng Pilipinas

AML / KYC

Philippine Government Agencies, Departments Ordered to Adopt New AML Strategy

By Ranamita Chakraborty | 07/07/2023

The Philippines is looking to remove itself from the Financial Action Task Force’s “grey list” by improving its efforts in anti-money laundering, counter-terrorism financing, and counter-proliferation.

Market Infrastructure

BSP Starts Publishing Temporary Replacement Rate for LIBOR

By Editors | 06/07/2023

The new reference rate is generated by translating the 28-day BSP bill rate to its overnight equivalent.

ESG / Sustainability

The Philippines Publishes Inaugural Sustainability Report

By Ranamita Chakraborty | 03/07/2023

The Philippines’ central bank has plans to develop a taxonomy and provide regulatory incentives to encourage financing for sustainable investments.

Capital / Liquidity

BSP Ends Covid Relief Measure on Reserve Requirements

By Sanday Chongo Kabange | 02/07/2023

Banks can no longer count loans granted to MSMEs and large enterprises towards their compliance with reserve requirements.

Securities / Derivatives

Philippines Launches Dollar-Peso Cross Currency Swap Market

By Editors | 28/06/2023

Dollar-peso cross currency swaps involve a Philippines peso fixed rate and a SOFR-based US dollar floating swap.

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.