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ESG / Sustainability
BSP Outlines Expectations for Banks on Sustainable Finance
By Sanday Chongo Kabange | 04/06/2021
Banks must establish environmental and social risk management systems and disclose their sustainability initiatives in their annual reports.
Capital / Liquidity
BSP Sets Out Approval Procedures for Bad Loan Disposal
By Ranamita Chakraborty | 02/06/2021
The BSP has set out the procedure for lenders to apply for approval to dispose of NPAs under the provisions of the FIST Act.
AML / KYC
Philippines: 26 Groups Jointly Call for Easing of Bank Secrecy Law
By Ranamita Chakraborty | 02/06/2021
The groups say the Philippines lags the world on bank secrecy and allows politicians and other government officials to hide unexplained wealth.
New Reputational Risk Guidelines to Strengthen Resilience: BSP
By Ranamita Chakraborty | 01/06/2021
Financial institutions have until April 2022 to fully comply with the BSP’s new guidelines on reputational risk management.
AML / KYC
Philippine AMLC to Penalise Firms for Incorrect STR Filings
By Manesh Samtani | 23/05/2021
AMLC Executive Director Mel Georgie Racela told Regulation Asia that incorrect STR filings identified in a recent review will result in supervisory action.
Market Infrastructure
BSP Tests new RTGS System Ahead of June 2021 Go-Live
By Editors | 20/05/2021
The BSP is testing the new peso RTGS system with banks and other participating institutions to determine readiness for go-live in June 2021.
Fintech / Regtech
BSP Expects New Digital Banks to Launch in H2 2021
By Ranamita Chakraborty | 05/05/2021
The BSP has received four applications for digital bank licences, including two from thrift banks that wish to convert their existing licences.
Capital / Liquidity
BSP Extends Regulatory Relief for Banks Pending ‘FIST’ Rescue
By Ranamita Chakraborty | 05/05/2021
The BSP has extended the higher single borrower limit and relief on loan classification, pending full operationalisation of the FIST Act.
Capital / Liquidity
BSP Asks D-SIBs to Submit Recovery Plans Separate from ICAAP
By Editors | 27/04/2021
Separate submission will allow the BSP to better assess recovery plans on an institutional level and across D-SIBs, particularly during times of crisis.
Fintech / Regtech
BSP May Raise Cap on Digital Banking Licences
By Ranamita Chakraborty | 25/04/2021
Under the digital banking framework approved by the BSP in November, the number of digital bank licences is capped at five.
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