Bangko Sentral ng Pilipinas

KYC & CDD

BSP Directs Banks to Prioritise PhilID in Customer KYC, Verification

By Editors | 15/03/2024

The BSP has identified the national ID, which is part of PhilSys, as a driver of financial inclusion in the Philippines.

AI Risk & Governance

BSP Studying Impact of Generative AI on Banking Industry

By Sanday Chongo Kabange | 12/03/2024

The BSP is seeking to introduce  ‘guardrails’ to mitigate potential risks associated with the use of Gen AI in the banking industry.

Sustainable Finance

Philippine SEC Adopts Sustainable Finance Taxonomy

By Sanday Chongo Kabange | 06/03/2024

The SEC said issuers of securities should refer to the taxonomy when making investment decisions or designing sustainable financial products and services.

Anti-Money Laundering

BSP to Enhance Reporting Rules for Money Services Businesses

By Editors | 06/03/2024

MSBs would also need to notify the BSP within five days of any event which may have a significant negative impact on their business or reputation.

Emerging Prudential Risks

BSP Report Highlights Systemic Risk from Optimism Bias

By Mark Johnston | 26/02/2024

The central bank warns of systemic risks from optimistic market expectations in its 2023 Financial Stability Report.

Sustainable Finance

BSP Approves Adoption of Sustainable Finance Taxonomy for Banks

By Mark Johnston | 23/02/2024

The first version of the taxonomy focuses on climate change mitigation and climate change adaptation. Future iterations will cover biodiversity and circular economy.

Emerging Prudential Risks

Philippines: BSP, PDIC Enhance Cooperative Arrangements

By Sanday Chongo Kabange | 23/02/2024

Banks will no longer need to submit some prudential reports separately to the PDIC, the BSP said.

Payments & Settlements

BSP Approves GCash Expansion Services to Overseas Filipinos

By Mark Johnston | 22/02/2024

Filipinos in 16 countries can now send money, pay bills and buy load using the GCash app.

Structural Regulation

BSP to Ease FX Market Access for Nonresident Investors

By Mark Johnston | 21/02/2024

The BSP will remove the need for foreign investors to submit a registration document to access FX from the domestic banking system.