Featured Product

    BSP Issues Guidance on Loan Moratorium, Approves Fourth Digital Bank

    August 06, 2021

    The Central Bank of the Philippines (BSP) announced that clients may continue to approach their banks for financial relief even if BSP does not issue a mandatory moratorium or grace period for loans during the Enhanced Community Quarantine from August 06, 2021 to 20, 2021. BSP has urged the supervised financial institutions to renew, restructure, or extend terms of loans of their clients in consideration of their cash flows. Banks and their clients may agree on loan terms that fit the financial capability of the bank and the financing requirements of the client. The regulator also emphasized the role of digital banking framework and noted that the Monetary Board has approved the applications of four digital banks as of July 2021. The approved digital banks are known to be UnionDigital (the most recent entity to receive approval as a digital bank), Overseas Filipino Bank, UNOBANK, and Tonik Digital Bank Inc.

    BSP highlighted that the recently issued digital banking framework sets a distinct bank classification for digital banks and provides the corresponding guidelines for their establishment. It is also seen as an integral building block in promoting an enabling regulatory environment that fosters responsible innovation, promotes cyber resilience, and contributes toward advancing the digitalization of the financial sector. In a separate notification, BSP encourages healthy cooperative competition or "co-opetition" among banks and fintech companies that offer breakthrough systems to automate, expand, and facilitate access to financial services. The European Chamber of Commerce of the Philippines hosted an event that gathered key international stakeholders from the private and public sector, chief finance executives, and experts to discuss integration of machine learning, artificial intelligence, and big data analysis in the transformation of the financial services sector. Finally, via another notification, the Financial Stability Coordination Council in the Philippines released a report that assesses the stability of the financial sector in the country, highlighting that debt-servicing remains the main risk and that it is important to be vigilant and pre-emptive against the backdrop of an uneven pace of recovery across jurisdictions.

     

    Related Links

    Keywords: Asia Pacific, Philippines, Banking, COVID-19, Digital Banking Framework, Fintech, Credit Risk, Digital Banks, Loan Moratorium, Financial Stability, Regtech, BSP

    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    News

    FASB Proposes Improvements to 2023 GAAP Reporting Taxonomy

    The Financial Accounting Standards Board (FASB) is seeking comments, until November 03, 2022, on the proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy.

    November 03, 2022 WebPage Regulatory News
    News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News
    News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8588