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BSP Grants Foreign Banks Relief from Single Borrower’s Limit
By Editors | 02/01/2021
The measure is expected to help boost lending, bolster economic growth and diversify credit exposures, said BSP governor Benjamin Diokno.
Philippines: BSP to Standardise MSME Loan Applications
By Editors | 24/12/2020
A standard business loan application form will simplify and improve the application process, while also facilitating banks’ risk assessments and speeding up turnaround time.
Capital / Liquidity
BSP Deputy Governor Outlines Key Priorities for the Year Ahead
By Manesh Samtani | 07/12/2020
Deputy Governor Chuchi Fonacier spoke to Regulation Asia about planned measures to promote digital payments, help MSMEs, and further strengthen the banking sector.
Capital / Liquidity
BSP Issues Draft Rules for Islamic Bank Liquidity Management
By Editors | 29/11/2020
Due to the limited availability of liquidity management instruments which are appropriate for Islamic banks and banking units, the BSP will adopt a flexible approach to compliance.
Fintech / Regtech
Philippine Central Bank Introduces Digital Banking Framework
By Editors | 27/11/2020
Foreign individuals and non-bank corporations are allowed to hold up to 40% of a digital bank’s voting shares, while foreign banks are allowed to hold up to 100%.
Market Infrastructure
BSP Instructs Banks to Report on LIBOR Exposures Quarterly
By Manesh Samtani | 23/11/2020
The regular reports will guide the degree of the central bank’s supervisory engagement with individual institutions, BSP deputy governor Chuchi Fonacier told Regulation Asia.
Fintech / Regtech
BSP Seeks Interoperability, Unified Standard in Payments
By Sanday Chongo Kabange | 21/11/2020
BSP governor Benjamin Diokno envisions that payment facilities operated by individual banks and payment firms will operate under a single standard.
AML / KYC
IMF Calls for Amendments to Philippine Bank Secrecy Laws
By Editors | 17/11/2020
The BSP should be granted “unimpaired access” to information on all customer accounts and the ability to employ and share depositor information for any prudential purpose.
Fintech / Regtech
BSP, MAS Declare Opposition to Data Localisation Requirements
By Editors | 16/11/2020
Data mobility in financial services supports economic growth, innovative financial services, risk management and compliance, BSP and MAS say in a joint statement.
AML / KYC
Philippine Authorities Probe Financial Transactions Linked to Wirecard
By Sanday Chongo Kabange | 11/11/2020
The National Bureau of Investigation is examining the financial transactions of a law firm office that appears to have provided legal services to Wirecard and Jan Marsalek.
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