Guide to Financial Services Regulations & Guidelines in Philippines

Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, was established on 3 July, 1993. BSP is the main regulatory body for the financial services sector in the country and is responsible for managing banks and non-bank financial institutions (NBFIs), including quasi-banks, financial companies, and non-stock savings and loan associations. The BSP enjoys fiscal and administrative autonomy from the National Government in pursuit of its mandated responsibilities. The main powers and functions of BSP are exercised by its Monetary Committee, which has seven members appointed by the President of the Philippines.

The BSP has issued guidelines on cyber security to regulate financial institutions, including but not limited to banks:

● Manual of Regulations for Banks (MORB): This manual was designed as an authoritative codification of regulations governing banks that are all under the supervision of the BSP. The MORB fosters adherence to banking the standards that are ultimately aimed at strengthening the stability of the Philippine system.

● Manual on Regulations of Non-bank Financial Institutions (MORNBFI): This manual was designed as an authoritative codification of regulations governing NBFIs supervised by or under the regulatory ambit of the BSP.

● Enhanced Guidelines on Information Security Management (Circular No.982, Series of 2017): The guidelines were revised in line with a rapidly evolving technology and cyber-threat landscape, amending relevant provisions of the MORB and MORNBFI.

● Guidelines on Business Continuity Management (Circular No.951, Series of 2017): The Guidelines have been approved for BSP-supervised financial institutions and amendments to MORB and MORNBFI.

● Guidelines on Information Technology Risk Management for All Banks and Other BSP Supervised Institutions (Circular No.808, Series of 2013): Amendments to sections X176 and X705 of MORB were approved to enhance the guidelines on information technology risk management.

As a cloud service provider, Huawei Cloud is committed to helping you meet these regulatory requirements and continuously providing you with cloud services and environments that meet financial industry requirements. You can learn more in Huawei Cloud User Guide to Financial Services Regulations & Guidelines in the Philippines. This guide describes regulations and laws you must comply with in the Philippines and how Huawei Cloud will help you meet the regulatory requirements. You can also find Huawei Cloud best practices, products, and services you may need.