BANGKO SENTRAL NG PILIPINAS

Fintech / Regtech

BSP Streamlines Rules for Payment System Operators

By Editors | 03/10/2019

The Philippine central bank has simplified the registration process for payment system operators, and created a new consolidated manual of regulations to facilitate compliance.

Capital / Liquidity

BSP Lowers Bank Reserve Requirement Ratio

By Editors | 01/10/2019

The 100bp cut in bank reserve requirements is expected to free up about $2.1bn in the financial system “in support of credit activity”.

Capital / Liquidity

BSP Enhances Rules on Voluntary Surrender of Banking Licences

By Editors | 24/09/2019

The guidelines are aimed at improving protections for depositors and creditors of banks that have decided to cease operations.

Enforcement

Philippines Moves to End Abusive Practices by Fintech Lenders

By Editors | 18/09/2019

A code of ethics and code of conduct have been adopted by members of FinTechAlliance.ph prohibiting the harassment and shaming of delinquent borrowers.

BSP Revises Rules to ‘Institutionalise’ Consumer Protection at Banks

By Editors | 11/09/2019

The BSP has revised its financial consumer protection framework to ensure banks conduct their business ethically and refrain from practices that may cause harm to consumers.

Market Infrastructure

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.

AML / KYC

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.

AML / KYC

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.

Market 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.