Philippines

Penalises money muling, social engineering schemes and economic sabotage involving financial accounts (sections 4 and 5; penalties in section 16). Institutions must keep adequate controls such as multi-factor authentication and fraud management systems and make restitution for control failures (section 6), may temporarily hold disputed funds for a BSP-set period of no more than 30 calendar days (section 7), and the BSP may investigate accounts (section 12). Approved 20 July 2024.

Requires banks to integrate environmental and social risks into enterprise-wide risk management, with board and senior management oversight, an Environmental and Social Risk Management System and treatment of these risks in credit risk appetite and operational risk. It amends Section 153 of the Manual of Regulations for Banks, introduced by Circular No. 1085 of 29 April 2020. Monetary Board Resolution No. 1443 of 21 October 2021.

Adds real estate developers and brokers and offshore gaming operators and their service providers as covered persons, adds proliferation financing and related targeted financial sanctions, widens the AMLC's powers to seek search and seizure orders and subpoenas, and sets a confidentiality duty in section 8-A, with imprisonment of three to eight years and a fine of PHP 500,000 to 1,000,000 under section 14(d). Approved 29 January 2021.

Makes price stability the primary objective, adds a financial stability mandate and oversight of payment and settlement systems, and allows the Monetary Board to authorise and regulate money service businesses. Section 37 allows administrative fines of up to PHP 1,000,000 per transactional violation or PHP 100,000 per day for continuing violations. Approved 14 February 2019.

Gives the BSP oversight of payment systems (section 5). Operators of a designated payment system need BSP authority before operating (section 6(b)), existing operators had six months to register (section 10), and designated operators must be stock corporations (section 11). Section 19 provides sanctions including fines, suspension, cease and desist orders and revocation, and section 20 criminal penalties. Approved 30 October 2018.

Requires BSP-supervised financial institutions to classify their IT profile, maintain an information security risk management framework covering identify, prevent, detect, respond, recover and test, appoint a Chief Information Security Officer, and arrange external vulnerability assessments and penetration tests at least annually for digital services. Institutions must promptly notify the BSP of confirmed IT-related fraud cases or major security breaches. Monetary Board Resolution No. 1854 of 2 November 2017.

Amends the Insurance Code. New domestic life and non-life stock insurers need paid-up capital of at least one billion pesos, existing insurers must reach stated net worth levels by dates through 2022, and an insurer that falls short must restore its capital by cash within 15 days. The Commissioner may require risk-based capital.

Governs the processing of personal information. It sets the lawful criteria for processing (section 12), data subject rights (section 16), security measures (section 20) and breach notification (section 20(f)), and creates the National Privacy Commission (section 7). Approved 15 August 2012; the Implementing Rules and Regulations are published alongside it by the NPC.

Regulates the organisation and operations of banks, quasi-banks and trust entities: bank classes, licensing, capital and ownership limits, director qualifications (five to fifteen directors, at least two independent), prohibited acts (section 55) and penalties through sections 34 to 37 of the New Central Bank Act (section 66). Approved 23 May 2000.

Gives electronic data messages and electronic documents the same legal effect as paper ones (sections 6 and 7) and treats an electronic signature as a signature if it identifies the signer and shows consent (section 8). Electronic contracts are valid (section 16). Approved 14 June 2000.

Directs the Department of Justice to run a witness protection, security and benefit programme (section 2) for a person who has knowledge of a grave felony, whose testimony is substantially corroborated and who faces threats (section 3). Section 8 lists the benefits, and section 8(c) bars an employer from removing or demoting a witness for absences caused by witness duty. Admission also gives immunity from prosecution for the offences covered by the testimony (section 12). The Act protects witnesses to crimes and is not a general whistleblower or retaliation law. The Department of Justice is not recorded as a regulator in this file.

Sets out the structure, powers and duties of the Office of the Ombudsman. Section 15 lets the Office investigate and prosecute public officers, section 21 gives it disciplinary authority over most officials, and section 25 sets penalties from suspension without pay of up to one year to dismissal with forfeiture of benefits. Section 17 protects a compelled witness from later prosecution for what the testimony disclosed and lets the Ombudsman grant immunity to a person whose testimony is needed, and section 32(1) lets a witness ask the Ombudsman for security for his person and family. The witness provisions protect people who testify before the Office and are not a general whistleblower or employment-retaliation scheme.