Announcement
02 Dec 2020
In December 2020, the Philippines introduced restricted measures on digital banking by capping the maximum participation of non-bank foreign investors at 40% and requiring a local presence in the Philippines.
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Number of interventions
2
2 certainly harmful
0 likely harmful
0 liberalising
List of interventions
Implementation date
23 Dec 2020
Revocation date:
No revocation date
Updated: 02 Dec 2020
Local operations requirement
In force
On 2 December 2020, through the issuance of the Bangko Sentral ng Pilipinas (BSP) Circular No. 1105/2020, the Philippines mandated the digital banks to maintain a principal or head office in t...
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Updated: 02 Dec 2020
FDI: Entry and ownership rule
In force
On 2 December 2020, the Philippines issued the Bangko Sentral ng Pilipinas (BSP) Circular No. 1105/2020 on Digital Banking. Under this circular, the Philippines capped the maximum of aggregate owne...
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