In the event of unsuccessful transactions, financial institutions must return the amount to the sender within one hour.
June 16, 2023The BSP says the lower reserve requirements will help to ensure stable domestic liquidity and credit conditions.
June 9, 2023The Maharlika Investment Fund will be created by the end of this year, after the required legislation was passed by Congress last week.
June 7, 2023CDD includes identifying and verifying the true identities and beneficial owners of DNFBP clients such as lawyers, accountants and real estate developers.
June 5, 2023Phishing attacks where users shared their OTPs with scammers were the root cause behind unauthorised transactions at GCash.
May 19, 2023The CRD Scoring Model will help lenders analyse the creditworthiness of MSMEs, including those without credit histories or adequate collateral.
May 3, 2023The BSP approved amendments to make it easier for clients of large banks to hedge peso-US dollar exposures through NDFs.
April 30, 2023The guidance calls on regulated financial institutions to bolster their TM systems, highlighting the importance of board of senior management involvement.
April 27, 2023The new rules take effect on 1 May, requiring all regulated FIs to have a complaint handling mechanism and effectively handle consumer disputes.
April 13, 2023BSP deputy governor Chuchi Fonacier says 18 reporting templates and Excel files totalling 300-plus schedules are being reduced to a single XML file.
April 11, 2023