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Capital / Liquidity
BSP Lowers Bank Reserve Requirement Ratio
By Editors | 01/10/2019
The 100bp cut in bank reserve requirements is expected to free up about $2.1bn in the financial system “in support of credit activity”.
Capital / Liquidity
BSP Enhances Rules on Voluntary Surrender of Banking Licences
By Editors | 24/09/2019
The guidelines are aimed at improving protections for depositors and creditors of banks that have decided to cease operations.
Enforcement
Philippines Moves to End Abusive Practices by Fintech Lenders
By Editors | 18/09/2019
A code of ethics and code of conduct have been adopted by members of FinTechAlliance.ph prohibiting the harassment and shaming of delinquent borrowers.
BSP Revises Rules to ‘Institutionalise’ Consumer Protection at Banks
By Editors | 11/09/2019
The BSP has revised its financial consumer protection framework to ensure banks conduct their business ethically and refrain from practices that may cause harm to consumers.
Market Infrastructure
Philippines Signs Islamic Banking Framework into Law
By Editors | 03/09/2019
The law grants Islamic banks powers to carry out the business of a bank in accordance with Sharia principles, in addition to the general powers granted to corporations.
AML / KYC
Philippines Launches Pilot Test of New National ID System
By Editors | 02/09/2019
The pilot test phase will initially focus on government and welfare services, but will later be expanded to include financial services.
AML / KYC
Philippine Police Arrest Former Govt Official for Banking Law Violations
By Editors | 28/08/2019
Former foreign affairs secretary Perfecto Yasay Jr is reportedly accused of conspiring to obtain a $6.7mn loan for a company without reporting the loan to the central bank.
Market Infrastructure
Philippines to Relaunch OF Bank to Create Digital-only Bank
By Editors | 14/08/2019
The Overseas Filipino Bank was launched in January to cater to overseas Filipino workers, who will more easily be able to access digital-only services.
Capital / Liquidity
BSP Issues Guidelines for Banks on Managing IRRBB
By Editors | 14/08/2019
Covered supervised institutions have until 1 January 2021 to develop or revise their policies and procedures in accordance with the guidelines.
Capital / Liquidity
BSP Approves New Risk Management Guidelines for Banks
By Editors | 29/07/2019
The guidelines seek to ensure that risks from banks’ investment activities are effectively identified, measured, monitored and controlled.
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