The Philippine Competition Commission (PCC) has published its 2017 Rules of Procedure (Rules), which shall guide the PCC in the handling of complaints, referrals from regulatory agencies, and motu proprio inquiries, as well as in the conduct of its investigations. Under the Rules, the PCC, through the Enforcement Office, shall conduct...
“Fintech”, short for financial technology, has become a major buzzword in recent years, especially in the most developed countries of the world. It is, however, still a relatively murky concept in some areas of the Asia-Pacific, even though it has already brought significant change to the economic landscape in the...
The Department of Information and Communications Technology (DICT) has signed an Inter-Agency Memorandum of Understanding (MOU) with 13 national government agencies (NGAs) last 25 April 2023. Pursuant to the MOU, the DICT will develop additional applications and digital systems while providing consultations and trainings to personnel of its partner agencies. With...
The Department of Information and Communications Technology (DICT) has opened the draft National Cybersecurity Plan (NCSP) 2023-2028 for inputs, comments, and suggestions by the public. The NCSP focuses on six (6) pillars: (1) enactment of the “Cybersecurity Act” to strengthen the policy framework; (2) secure and protect Critical Information Infrastructures...
The Securities and Exchange Commission (SEC) issued on April 25, 2023, SEC Memorandum Circular No. 7, Series of 2003 (GUIDELINES ON APPLICATION FOR THE ALLOCATION OF ISIN, CFI, AND FISN CODES FOR FINANCIAL INSTRUMENTS). The SEC released the guidelines, in its capacity as the National Numbering Agency (NNA) of the Philippines,...
The Department of the Interior and Local Government (DILG) released DILG Memorandum Circular No. 2023-068 (SK FULL PUBLIC DISCLOSURE (FPD) POLICY: POSTING OF SK-RELATED DOCUMENTS IN THE SKFPD POLICY BOARD) dated April 28, 2023. The purpose of the Memorandum Circular is to lay down the guidelines of the SK FPD Policy,...
The Bangko Sentral ng Pilipinas (BSP) has disseminated the AMLC Guidance on Sanctions Screening – A 2022-2023 Thematic Review of the Effectiveness of Customer and Transaction Screening Systems of Covered Persons in Targeted Financial Sanctions (TFS) Implementation. The Anti-Money Laundering Council (AMLC) recently conducted a comprehensive review of the customer and...
The National Telecommunications Commission (NTC) has extended the SIM Registration for an additional 90 days. Under RA 11934 or the SIM Registration Act, which took effect on 28 October 2022, all existing SIM subscribers shall register the same with their respective public telecommunications entities (PTEs) within 180 days from the...
On April 14, 2023, the Insurance Commission released Circular Letters to guide stakeholders in the electronic submission of 2022 Annual Statements (AS), Audited Financial Statements (AFS), and attachments. Circular Letter No. 2023-14, pursuant to Section 413 of Rep. Act No. 10607 or the Amended Insurance Code, instructs all Mutual Benefit Associations...
On April 5, 2023, the Credit Information Corporation released CIC Circular No. 01, s. of 2023, extending the deadline to submit corrected erroneous data backlogs to September 30, 2023. The Letter Circular was issued in relation to Letter Circular 2022-13 re: DISTRIBUTION AND CORRECTION OF ERRONEOUS RECORDS BACKLOGS, to address the...
The National Telecommunications Commission (NTC) is inviting the public to submit their comments on the relevant provisions of the Public Service Act (PSA) that are applicable to the NTC. These comments are to be considered in the preparation/amendment of the relevant draft memorandum circulars on the following matters: Powers of...
The Department of Information and Communications Technology (DICT) and the Department of Foreign Affairs signed a memorandum of understanding (MOU) whereby the former aims to optimize the digital services of the latter. In particular, the MOU seeks to digitize many consular services such as the processing of Philippine passports, visas, and...