Advances in artificial intelligence (AI) have created new challenges as to how we deal with various issues, chief among them being job security for service industry participants, including legal professionals. In a statement made to news agencies, Dean Andrew Perlman…
Author: syciplawcorpcomm
TMT and Data: Areas of Interest
Liquidation of Tower Assets With the recent changes to the telecommunications framework, including the amendment to the PSA and the issuance of DICT Department Circular No. 01-2022, interest in cellular tower assets in the Philippines from domestic and international tower…
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…
Into the Digital: BSP Imposes Additional Regulations on Digital Banks
On September 14, 2022, the BSP issued Memorandum Circular No. 1154, Series of 2022 entitled “Prudential Requirements Applicable to Digital Banks, and Amendments to Relevant Provisions of the Manual of Regulations for Banks and Non-Bank Financial Institutions and Manual of…
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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…
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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…
It’s Fine: National Privacy Commission Sets Administrative Penalties
On August 8, 2022, the NPC issued NPC Circular No. 2022-01 entitled “Guidelines on Administrative Fines” (Guidelines on Administrative Fines), which took effect on August 27, 2022. The Guidelines on Administrative Fines impose administrative penalties on PICs and PIPs found…
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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…
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NPC Rolls-out Breach Notification and Registration Platforms
On April 20, 2022, the NPC launched its Data Breach Notification and Management System (DBNMS) which it hailed as “a user-friendly interface that facilitates easy tracking and faster submission of Personal Data Breach Notifications (PDBNs) and Annual Security Incident Reports…
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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…