BANGKO SENTRAL NG PILIPINAS

Capital / Liquidity

BSP Announces Significant Cut to Bank Reserve Requirements

By Editors | 24/09/2024

The BSP cut the RRR for universal and commercial banks by 250 basis points, bringing it from 9.5 percent to 7 percent.

Capital / Liquidity

BSP to Cut Bank Bank Reserve Requirements in ‘Substantial’ Way

By Editors | 20/09/2024

Banks in the Philippines have offered to lower transaction costs on small-value fund transfers in exchange for lower reserve requirements.

BSP Authorises Maybank to Launch Islamic Banking Operations

By Sanday Chongo Kabange | 05/09/2024

Maybank is just the second bank authorised to launch Islamic banking operations in the Philippines, after CARD Bank was authorised in June 2023.

Fintech / Regtech

BSP to Closely Scrutinise New Digital Banking Applicants

By Ranamita Chakraborty | 02/09/2024

Fitch Ratings says close scrutiny of the new applicants is likely given that the majority of the existing digital banks are still loss-making.

ESG / Sustainability

BSP, NBC to Cooperate on Payment System Connectivity, Digital Finance

By Sanday Chongo Kabange | 22/08/2024

The central banks will collaborate on payment connectivity, digital finance innovation, AI, cyber security, and sustainable finance.

Securities / Derivatives

BSP Amends Rules for Banks on Equity Divestments

By Sanday Chongo Kabange | 21/08/2024

The amended rules clarify expectations for banks to divest equity investments that are prohibited under applicable laws and regulations.

ESG / Sustainability

BSP Calls on Lenders to Do More to Support Climate Action

By Sanday Chongo Kabange | 19/08/2024

The BSP said green finance “has yet to fully take off” and that lenders need to do more to support climate action efforts of enterprises and households.

AML / KYC

BSP Mandates Acceptance and Verification of Digital IDs

By Ranamita Chakraborty | 14/08/2024

Financial institutions in the Philippines must now accept all national ID formats, including digital IDs, after verifying its authenticity.

Fintech / Regtech

BSP to Start Accepting New Digital Bank Applications in January

By Sanday Chongo Kabange | 09/08/2024

The BSP will lift the moratorium on granting new digital bank licences starting 1 January 2025. Only four new licences will be granted.