BSP CIRCULAR 754 PDF

Since , the BSP has issued over fifty 50 policies and regulations that enable financial inclusion. These regulations are geared to 1 widen the range of inclusive financial products; 2 expand the physical network and virtual reach of financial services; 3 lower barriers to customer on-boarding; and 4 enhance financial consumer protection. Actual text of the above Circulars may be downloaded from the Microfinance page of the BSP website: www. For more information on microfinance and financial inclusion initiatives of the BSP, kindly download the Yearend Reports on this website: www.

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Since , the BSP has issued over fifty 50 policies and regulations that enable financial inclusion. These regulations are geared to 1 widen the range of inclusive financial products; 2 expand the physical network and virtual reach of financial services; 3 lower barriers to customer on-boarding; and 4 enhance financial consumer protection.

Actual text of the above Circulars may be downloaded from the Microfinance page of the BSP website: www. For more information on microfinance and financial inclusion initiatives of the BSP, kindly download the Yearend Reports on this website: www. Feedback Corner Feedback. About The BSP.

Microfinance Regulations a. Documentary Requirements for Microfinance Loans Clients Circular 09 October exempts microfinance from the required submission of additional documents income tax return, financial statement for the granting of loans Circular 3 February —extendsup to31 December the exemption of microfinance from the required submission of additional documents income tax return, financial statement for the granting of loans Circular 29 October extends the following loans from the submission of Income tax Return ITR and other supporting financial statements: microfinance loans; loans and other credit accommodations not exceeding Php 3 million; and loans to start up enterprise borrowers during their first 3 years of operations or banking relationship.

Circular 4 July amends the general features of a microinsurance product to reflect the provisions of the new Insurance Code. The amount of daily premium is increased to 7.

Circular 14 March approves the adoption of the agricultural value chain financing framework as an effective and organized approach to channel financing to the agriculture and fisheries sectors and promote financial inclusion. Circular 26 January expands the range of services that can be delivered in MBOs and waives the collection of processing fee for banking offices that will be established in unbanked cities and municipalities.

Circular 29 January amends Sec. X of the MORB to capture the entire procedure in opening micro-deposits in MBOs, including the approval and actual opening of accounts and being able to make an initial deposit, subject to appropriate internal controls. Circular 28 October amends Subsection X Circular 20 January allows banks to serve clients through cash agents which can accept and disburse cash on behalf of the bank.

Cash agents can also perform Know-Your-Customer procedures as well as collect and forward application documents for loan and account opening. They may also sell and service insurance as may be authorized by the Insurance Commission.

These cash agents are typically cash rich third party entities with many outlets that conduct regular business in fixed locations anywhere in the country, such as convenience stores, pharmacies and other highly accessible retail outlets.

Pawnshops and Money Service Business Regulations Circular 23 December enhances existing regulations on pawnshops to ensure these entities are properly supervised for their effective compliance with AML and internal control rules and guidelines. Pawnshop operators are also now subject to stricter fit and proper rules and standards of corporate governance as applicable. Circular 20 January introduces the concept of Remittance and Transfer Companies RTCs which refer to any entity that provides Money or Value Transfer Services MVTS such as Remittance Agents, Remittance Platform Providers, and E-money Issuers; introduces a network-based approach to regulation wherein the entity that operates a remittance business shall be held responsible for the operation of its remittance network and accreditation of its Remittance Sub-agents RSAs ; amends the requirements for registration and adopting a classification of MSBs based on benchmark capital, among others.

Circular 15 March provides guidelines on social media risk management that advocate responsible use of social media by BSP Supervised Financial Institutions BSFIs , recognizing that social media presents vast potential benefits and opportunities for greater economic advancement and financial inclusion.

Financial Consumer Protection Circular 20 July provides enhanced rules to implement the Truth in Lending Act to enhance transparency in loan transactions of all banks Circular 17 April provides enhanced rules to implement the Truth in Lending Act to enhance transparency in loan transactions of all non-bank financial institutions under BSP supervision Circular 20 April provides enhanced rules to implement the Truth in Lending Act to enhance transparency in loan transactions of all credit granting institutions under other regulators like the Securities and Exchange Commission, Insurance Commission and Cooperative Development Authority Circular 21 November institutionalizes consumer protection as an integral component of banking supervision in the country.

The Framework covers standards on disclosure and transparency, fair treatment, privacy of client information, financial education and effective recourse. It underscores that financial consumer protection is a collective responsibility and shared accountability among financial institutions, the BSP and the financial consumers.

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Publications and Research

Feedback Corner Feedback. About The Bank. Microfinance Regulations 1. Reporting Requirements for Microfinance Loans Circular Letter 2 October — requiring reporting of banks with microfinance operations Circular 30 April —amends Circular Letter dated 2 October on the reportorial requirements of banks' microfinance loans 4. Documentary Requirements for Microfinance Loans Clients Circular 09 October exempts microfinance from the required submission of additional documents income tax return, financial statement for the granting of loans Circular 3 February —extends up to 31 December the exemption of microfinance from the required submission of additional documents income tax return, financial statement for the granting of loans 5. Transparency and Disclosure Circular 20 July provides enhanced rules to implement the Truth in Lending Act to enhance transparency in loan transactions of all banks Circular 17 April provides enhanced rules to implement the Truth in Lending Act to enhance transparency in loan transactions of all non-bank financial institutions under BSP supervision Circular 20 April provides enhanced rules to implement the Truth in Lending Act to enhance transparency in loan transactions of all credit granting institutions under other regulators like the Securities and Exchange Commission, Insurance Commission and Cooperative Development Authority F.

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About The BSP

The Monetary Board has approved the twin measures that complete the efforts toward an enhanced transparency regime. Circular No. On the other hand, Circular No. These credit-granting entities are now given the opportunity to register with the BSP and demonstrate their commitment to social responsibility towards protecting their clients. Regulatory Agency. M dated 28 July The new regulations reiterate the manner of computing interest by requiring NBFIs under BSP supervision and entities with credit-granting facilities to charge interest only on the outstanding balance of a loan at the beginning of an interest period or each installment period, and disclose to borrowers the true cost of credit.

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