The law will help cushion lenders from a build-up of bad loans due to the Covid-19 crisis, allowing them to dispose of bad assets and keep the banking system stable.
February 18, 2021Offshore gaming operators, their service providers, real estate developers and brokers have been brought into scope as covered entities.
February 4, 2021The approval comes ahead of an evaluation by the FATF, slated for February, as the Philippines seeks to avoid being gray-listed.
January 19, 2021The amendments will bring precious metals dealers, casinos and real estate brokers and developers into scope under the Anti-Money Laundering Act.
November 27, 2020The bill was fast-tracked amid fears that loan defaults could burden lenders and hamper their ability to provide credit to businesses and consumers.
November 16, 2020PhilSys will mean wider inclusion in the financial ecosystem for the unbanked, allowing cash aid, credit and other welfare spending to reach them faster.
October 16, 2020February 2019 amendments to the Central Bank Act restored the BSP's authority to issue debt paper as part of its regular operations to manage liquidity and monetary policy.
July 5, 2020Wiretaps and arrests can be carried out without a warrant. Bank records can be inspected without a court order. Life imprisonment without parole can be imposed for facilitating terrorist acts.
June 4, 2020The Philippines has halted stock, bond and currency trading 'until further notice'. The BSP is urging banks to provide financial relief to customers and employees.
March 17, 2020BSP governor Benjamin Diokno has said the central bank wants to help convince lawmakers of the importance of lifting bank secrecy as part of a bill to grant amnesty to errant taxpayers.
October 15, 2019