Banking Bulletin - March 2023

March 30, 2023

SyCipLaw's Banking, Finance & Securities Department's Banking Bulletin for March 2023 features the latest issuances from the Bangko Sentral ng Pilipinas (BSP) and the NAtional Provacy Commission (NPC):

BSP Approves Regulatory Sandbox Framework

On 5 September 2022, and in line with its policy of enabling responsible innovation to promote the development of an inclusive digital financial ecosystem, the Bangko Sentral ng Pilipinas ("BSP") issued Circular No. 1153 and approved a Regulatory Sandbox Framework to be incorporated as Section 115 of the Manual of Regulations for Banks ("MORB") and Sections 112-Q/115-S/115-P/113-T/103-N/141-CC of the Manual of Regulations for Non-Bank Financial Institutions ("MORNBFI"). In broad terms, the new rules allow fintech developers to test the use of new or emerging technology to deliver financial products and services in a controlled environment.

NPC Amends Guidelines On Processing Data For Loan Transactions

On 14 September 2020, the National Privacy Commission ("NPC") issued Circular No. 20-01 setting forth the guidelines on the processing of personal data for loan-related transactions. On December 1, 2022, the NPC also issued an amendatory circular, Circular No. 2022-02, further expounding Circular No. 20-01 in order to respond to exigencies in the processing of personal data (collectively, the "Guidelines").

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