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Structural Regulation
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.
KYC & CDD
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.
Supervision & Enforcement
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.
Cloud & 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.
Market Risk
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.
Market Risk
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.
Cybersecurity
BSP Orders FIs to Coordinate Cyber Threat Response
By Editors | 17/06/2019
BSP supervised financial institutions are asked to participate in the BAPCID, a platform for sharing cyber threat information and best practices.
Payments & Settlements
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.
Structural Regulation
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.
Liquidity Risk
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.
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