Congress Eyes Implementation of Internet Transactions Act & Open Access inData Transmission Act

Internet Transactions Act Senate Bill No. 1846 entitled “An Act Protecting Consumers and Merchants Engaged in Internet Transactions, Creating for this Purpose the Electronic Commerce Bureau, Appropriating Funds therefor, and for other Purposes” (Internet Transactions Act of 2022) is currently…

Come Play in the Sandbox: BSP Invites Innovations Through Regulatory Sandbox Framework

On September 5, 2022, the BSP issued BSP Circular No. 1153, series of 2022, entitled “Regulatory Sandbox Framework” (Sandbox Circular) which institutionalizes the Test & Learn (T&L) approach that the BSP has been implementing for BSFIs, third-party service providers of…

Safe (e)money: BSP Updates E-money Regulations, Increases Prudential and Capitalization Requirements

On February 7, 2023, the Bangko Sentral ng Pilipinas (BSP), the Philippine Central Bank, issued BSP Circular No. 1166, series of 2023, entitled “Amendments to the Regulations on Electronic Money (E-money) and the Operations of Electronic Money Issuers (EMI) in…

Somebody’s Watching: Government Agencies Join to Protect Online Consumers

On March 4, 2022, the Department of Trade and Industry (DTI), through its Consumer Protection Group and e-Commerce Division, issued Joint Administrative Order No. 2022-01 entitled “Guidelines for Online Businesses Reiterating the Laws and Regulations Applicable to Online Businesses and…

Lenders Beware: National Privacy Commission Strengthens Guidelines on Processing of Borrower Information

On December 1, 2022, the NPC issued NPC Circular No. 2022-02 entitled “Amending Certain Provisions of NPC Circular No. 20-01 on the Guidelines on the Processing of Personal Data for Loan-Related Transactions” (Amended Loan Transaction Guidelines). The Amended Loan Transaction…