We have listed below the bulletins that we have prepared to update SyCipLaw clients of COVID-19 related issuances and advisories from various Philippine government agencies.
SEC issues rules to implement BSP ceilings on interest rates and other fees
Last March 1, 2022, the Securities and Exchange Commission (“SEC”) issued its Memorandum Circular No. 3 to implement the ceilings previously imposed by the Bangko Sentral ng Pilipinas (the Philippine Central Bank or “BSP”) via BSP Circular No. 1133, series of 2021 on interest rates and other fees imposed by financing companies, lending companies, and…
FAQs: Rules on Sustainable Finance
What is Sustainable Finance?BSP Circular No. 1085 defines “sustainable finance” as any form of financial product or service which integrates environmental, social and governance (“ESG”) criteria into business decisions that supports economic growth and provides lasting benefit for both clients and society while reducing pressures on the environment. This also covers green finance which is…
BSP Adopts Standard Loan Application Forms
What is the BSP’s objective in issuing Circular No. 1156 (the Guidelines on the Adoption of the Standard Business Loan Application Form or the “Guidelines”)? The BSP wishes to promote broad and convenient access to high quality financial services by mandating the adoption of a standard business loan application form (“SBLAF”) to facilitate transparency, ease…
BSP Amends Guidelines on Digital Banks
On September 14, 2022, the Bangko Sentral ng Pilipinas (the Philippine Central Bank or “BSP”) issued Circular No. 1154 (the “New Circular”) to amend the guidelines on digital banks previously set out in Circular No. 1105 dated December 2, 2020 and Monetary Board Resolution No. 1536 dated November 26, 2020. Circular 1154 took effect on…
PROJECT EMPLOYMENT ARRANGEMENTS IN THE PHILIPPINES
In Toyo Seat Philippines Corporation v. Annabelle C. Velasco, et al. (G.R. No. 240774, March 03, 2021), the Supreme Court reiterated that workers may be considered project employees regardless of the nature of the work they perform, as long as the essential elements of project employment are alleged and proven. These essential elements are: [a]…
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