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Structural Regulation
Philippines Streamlines Bank Merger Application Processes
By Editors | 07/11/2021
A five agency agreement will see documentary requirements cut in half and total processing times reduced from 160 to 55 business days.
Sustainable Finance
BSP Directs Banks to Integrate Environmental, Social Risks
By Editors | 31/10/2021
Banks have to integrate environmental and social risk in their risk management frameworks and when defining their credit strategy.
Capital Adequacy
BSP Migrates to API-Based Regulatory Reporting
By Sanday Chongo Kabange | 14/10/2021
Banks have six months to enable capabilities to generate XML reports and ensure appropriate personnel is in place.
Credit Risk
BSP Raises Loan Limits to Bolster Project Finance
By Editors | 11/10/2021
The single borrower limit was increased to mobilise funding toward projects that support the Philippines’ economic recovery efforts and nation building.
Emerging Prudential Risks
BSP Proposes Prudential Requirements for Digital Banks
By Editors | 11/10/2021
The BSP proposes a 3 percent RRR for digital banks, aligning them with thrift lenders. A 7th licence will not be issued at the stage as previously planned.
Fraud, Scams & Cybercrime
BSP Urges Passage of Bill to Tackle Rising Cybercrime
By Ranamita Chakraborty | 05/10/2021
The bill will strengthen the legal framework for financial consumer welfare and foster greater public awareness on cybersecurity, the BSP said.
KYC & CDD
BSP Updates e-KYC Guidelines for Financial Institutions
By Ranamita Chakraborty | 03/10/2021
The guidelines include national digital ID system PhilSys as an accepted method for verifying customer identities, subject to proper authentication.
Payments & Settlements
BSP Issues Governance Policy for Operators of Payment Systems
By Editors | 21/09/2021
Payment system operators including banks and electronic money issuers have six months to comply with the requirements.
Structural Regulation
BSP Grants Sixth Digital Bank Licence to PayMaya
By Editors | 20/09/2021
The seventh and final digital bank is likely to be an existing bank applying to convert into a digital bank, but approval has been delayed.
Structural Regulation
BSP Instructs Banks to Proactively Transition from LIBOR
By Editors | 20/09/2021
The BSP is not looking to prescribe specific alternative reference rates for use by Philippine banks, saying these choices should be market-driven.
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