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Credit Risk
BSP Proposes to Impose Cap on Credit Card Finance Charges
By Editors | 31/08/2020
The BSP says it is looking to impose a maximum finance charge equivalent to an effective annual interest rate of 24 percent for credit card cash advances and installment purchases.
Credit Risk
BSP Relaxes Real Estate Lending Limits for Banks
By Editors | 21/08/2020
The higher limit will encourage bank lending to households for the acquisition or construction of a residential real estate property the BSP said.
AI Risk & Governance
BSP Takes Consumer Complaints Chatbot Live
By Sanday Chongo Kabange | 20/08/2020
The trilingual automated chatbot can handle queries and complaints from consumers sent through chat via the BSP website, SMS, or Facebook messenger.
Credit Risk
BSP Expects Sound Borrower Assessments, Forbearance Reporting
By Editors | 10/08/2020
Requirements to report forbearance granted to borrowers will ensure industry statistics reflect the “true health of the banking system” and incentivise prudence in banks’ credit decisions.
Climate Risk
BSP Joins Network for Greening the Financial System
By Editors | 04/08/2020
The NGFS membership will strengthen BSP’s collaboration with central banks and supervisors on the effective management of climate risks in the financial sector.
Conduct, Culture & Accountability
BSP Pilot Tests New Chatbot for Consumer Complaints
By Editors | 31/07/2020
The chatbot can handle queries and complaints from consumers sent through chat via the BSP website, SMS, or Facebook messenger.
Credit Risk
BSP Excludes Market-making Activities from Single Borrower Limit
By Editors | 29/07/2020
Debt securities acquired by banks from market-making activities will be excluded from the single borrower’s limit computation for 90 calendar days from the time of acquisition.
Liquidity Risk
BSP Cuts Reserve Requirements for Smaller Banks
By Editors | 21/07/2020
The move to lower the reserve requirement ratio for thrift, rural and cooperative banks will release an estimated $200mn into the economy.
Trading & Investment
BSP to Promote Inclusion by Lowering Investment Account Minimum
By Editors | 15/07/2020
The BSP is considering lowering minimum amount a client must maintain in an investment account from ₱1mn to ₱100,000.
Structural Regulation
BSP Set to Issue Digital Bank Licensing Framework
By Editors | 07/07/2020
Foreign individuals will be allowed to own up to 40% of a digital bank, while qualified foreign banks can own up to 100%.
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