On June 14, 2022, the Insurance Commission released Circular Letter No. 2022-27, publishing its Thematic Review Report on Insurance Commission Regulated Entities (ICREs) compliance with Targeted Financial Sanctions (TFS) Obligations.    A key finding of the report was that ICREs actively practiced detailed company procedures on Customer Due Diligence in compliance with...

The Bangko Sentral ng Pilipinas (BSP) has issued a memorandum reminding all Bangko Sentral Supervised Financial Institutions (BSFIs) to adhere to the National Retail Payment System Framework which puts an emphasis on ​​financial consumer protection.   BSFIs are tasked with the following in compliance with the said framework:   Establish effective mechanisms to...

To celebrate the upcoming Privacy Awareness Week, the Credit Information Corporation (CIC) and the National Privacy Commission (NPC) will be hosting a webinar series entitled “#UsapangPrivaDo: Credit registry and your data privacy” on May 20 and June 8, 2022.   The webinar will feature resource speakers from CIC, Mr. Hans Lazaro, Paralegal,...

The Bangko Sentral ng Pilipinas (BSP) has amended the Manual of Regulations on Foreign Exchange Transactions (FX Manual, issued under Circular No. 645 dated 13 February 2009, as amended) with Circular No. 1146, Series of 2022.   The Circular sets new threshold limits in the importation and exportation of local and foreign...

In line with Philippine President Rodrigo Duterte’s directive, the Bangko Sentral ng Pilipinas (BSP) issued Memorandum 2022-026 last May 24, 2022 which orders all BSP Supervised Financial Institutions (BSFI) to refrain from facilitating eSabong transactions.   The BSP ordered the (1) delisting of eSabong operators in the mobile and internet applications of...

On March 13, 2022, the Land Registration Authority (LRA) released Circular No. 09-2022 which provides for the guidelines on the registration of notices on security interests in personal property. The guidelines provide that any person may submit a notice for registration provided that: They must create a user account in accordance...

The Credit Information Corporation (CIC) issued Letter Memorandum No. 2022-02 which directed Submitting Entities (SEs) to include the Philippine Identification (PhilID) card number (PCN) of borrowers in their submission of basic credit information to the CIC database.   According to CIC President and CEO Ben Joshua A. Baltazar, the CIC is “working...

On March 31, 2022, the Land Registration Authority (LRA) released Circular No. 16-2022 which provides for the guidelines on the search of registered notices involving security interests on personal properties   The guidelines provide that any person may submit a search request provided that: They have created a user account in accordance...