BSP Circulars Explained

What changed in MORB/MORNBFI for banks and quasi-banks: updated financial intermediary definition, bond and commercial paper issuance rules, and lender-count guidance.

Key ISO 20022 alignment rules for retail payments: messaging data standards, transparency obligations, rulebook governance, and a two-year transition plan.

What’s new in the BSP regulatory relief policy: eligibility, availment windows, borrower relief, reporting duties, and operational flexibilities for calamity-affected banks.

Key updates on PERA UITF access to BSP securities, non-resident limits, reporting duties, and compliance steps for trust entities.

Updates to MORB Islamic banking rules: IBU licensing, supplemental reporting, and liquidity standards for IBs and IBUs.

New BSP rules limit large cash payouts above PHP 500,000, require non-cash channels, and mandate enhanced due diligence and STR protocols.

MORB/MORNBFI updates adopt the Global Master Repurchase Agreement (GMRA) for BSP repo and reverse repo facilities, plus related settlement and check-clearing revisions.

MORB/MORNBFI updates add voluntary perpetual disqualification commitments and clarify watchlist and disqualification file procedures.

AFASA rules for disputed fund holds: triggers, timelines, coordinated verification, reporting, and transition periods for BSIs.

Rules for BSP CAPO inquiries and information sharing under AFASA: scope, request requirements, inquiry orders, disclosure timelines, and safeguards.

IT risk and fraud controls for EPFS: FMS requirements, transaction pause rules, customer protections, and CSO obligations under AFASA.

Updates to FX derivatives rules, electronic submission requirements, and reporting under the FX Manual and MORB.

Reserve requirement ratios reduced for banks and NBQBs effective 28 March 2025, with updated MORB and MORNBFI provisions.

Updated auditor selection, categorization, eligibility, and exclusion rules for BSP-supervised financial institutions.

Rules on BSP data requests: scope, submission standards, deadlines, sanctions, and a one‑year transition period.

New reporting governance standards for pawnshops: systems, sanctions, records, reportorial duties, and audit requirements.

MORB/MORNBFI amendments allow trust entities (UITFs and IMAs) to participate in BSP-issued securities, including secondary market trading.

MSB rules consolidated into M-Regulations: new MORNBFI-M framework, deleted N-Regulations sections, and cross‑reference updates.