BANGKO SENTRAL NG PILIPINAS

Market Infrastructure

Japan, Philippines Explore Yen-Peso Direct Trading

By Editors | 03/06/2019

Japan and the Philippines will explore the establishment of direct yen-peso settlement for trade and investment between the two countries.

Market Infrastructure

Philippines Revises Framework Governing Bank Auditors

By Editors | 29/05/2019

The revised framework lays out criteria for banks to select external auditors as well as key guidelines for auditors in their assessment of banks.

Capital / Liquidity

BSP Cuts RRR for Thrift, Rural, Cooperative Banks

By Editors | 25/05/2019

The move follows RRR cuts for large banks, as the BSP looks to mitigate lowering price expectations and inflation.

Capital / Liquidity

BSP to Cut Reserve Requirements for Biggest Banks

By Editors | 17/05/2019

The 200 basis point RRR cut will take place over three phases by end-July, and free up an estimated $3.6bn in banking system liquidity.

AML / KYC

Philippine FIU Seeks an End to Bank Secrecy Law

By Editors | 07/05/2019

The AML Council is seeking additional powers to combat financial crime, including the lifting of the bank secrecy law, which would allow it to check all accounts regardless of transaction thresholds.

Market Infrastructure

Philippines Allows Foreigners to Serve as Bank Directors, Officers

By Editors | 01/05/2019

The Philippine central bank has amended rules that previously prohibited the election and appointment of foreign nationals as directors and officers of financial institutions in the country.

Market Infrastructure

BSP Issues Draft Rules for Implementing National Payment Systems Act

By Editors | 26/04/2019

The Philippine central bank has issued a draft circular to support its new mandate as the primary regulator for the country’s payment systems.

Market Infrastructure

ASEAN Pushes for Cross-Border Settlement in Local Currencies

By Editors | 08/04/2019

ASEAN central bankers are setting up direct settlement systems that use local currencies, in a bid to reduce transaction costs and exposures to global volatility.

Crypto / Digital Assets

Philippines Fintech Push Makes it a Compelling Market to Watch

By Philip Keller | 19/03/2019

Industry veteran Philip Keller explores the approach taken by regulators in the Philippines to encourage fintech innovation and financial sector digitalisation.