The Bangko Sentral ng Pilipinas (BSP) issued Circular Letter No. CL-2021-088 which handed down disqualifications on five Money Service Business (MSB) operators for operating without prior BSP registration.    The disqualification extends to the MSBs as well as any sole proprietorship owned and/or controlled by their respective owners/operators.    With the issuance, the BSP...

In the webinar hosted by FinTech Alliance.PH, “Optimizing Alternative Data for Inclusive Credit Access,” the Credit Information Corporation (CIC), Bangko Sentral ng Pilipinas (BSP), and the National Privacy Commission (NPC) supported the use of alternative data to provide the unbanked and underbanked with access to formal credit.   Because of a lack...

In a Memorandum Circular dated 2 November 2021 and a Press Release dated 5 November 2021, the Securities and Exchange Commission (SEC) has imposed a moratorium on the registration   of   new   online   lending   platforms   (OLPs)   of   financing   and   lending companies....

The Bureau of Internal Revenue has issued an Order directing its concerned offices to monitor and verify the tax compliance of online merchants, social media influencers, and other businesses operating through digital or online platforms. The BIR also ordered the creation of a Special Task Force in every revenue regional...

The IATF has released new resolutions implementing the new Alert Level System in certain areas of the Philippines (Resolution No. 114-D), while the General Community Quarantine is made effective over others (Resolution No. 114-C). Pursuant to such designations, certain establishments and persons may not be permitted to operate or work...

In Multilateral Agreements between the Private Sector and vaccine manufacturer AstraZeneca in November 2020 and January 2021, the Private Sector committed to donating 50% of the procured doses to the national government. Furthermore, based on the DOH guidelines, there is a surplus of vaccines in the Private Sector due to...

The Department of Labor and Employment (DOLE), Department of Health (DOH), Department of Interior Local Government (DILG), Department of Tourism (DOT), and Department of Trade and Industry (DTI) released supplemental guidelines to encourage more businesses to apply for the Safety Seal Certification Program and to strengthen health safety protocols in...

The Department of Trade (DTI), Department of Agriculture (DA), Department of Environment and Natural Resources (DENR), Department of Health (DOH), Intellectual Property Office of the Philippines (IPOPHL), National Privacy Commission (NPC) drafted a Joint Administrative Order (JAO) on “Guidelines for Online Businesses Reiterating the Laws and Regulations Applicable to Online...