bangko sentral ng pilipinas

The BSP is finalizing new rules for banks and e-wallets that include stricter identity verification using biometrics like facial recognition, imposing daily limits on gambling-related transactions, setting time-based restrictions for gambling payments, and introducing user-controlled tools that allow individuals to set personal spending caps or block themselves from gambling activities. The central bank has also ordered e-wallet platforms to unlink in-app access to online gambling sites within 48 hours.

Under new guidelines (BSP Circular No. 1195) effective January 1, 2025, the BSP mandates that refunds for failed InstaPay transactions must be credited back within one (1) hour, while PESONet refunds must be cleared within two (2) hours. The BSP is also eliminating fees for failed transactions (except those caused by user error) and requiring financial institutions to provide clearer, standardized notifications to customers about the status of their transfers.

The BSP licenses and supervises digital banks and fintech companies operating in the Philippines. It grants approvals for new services, such as when Grab sought approval to apply a ₱15 InstaPay transfer fee. The BSP also sanctions financial institutions for lapses, as seen when it imposed corrective measures on BDO and UnionBank following a digital fraud incident. Furthermore, it explores the adoption of new technologies, having announced studies into using machine learning and AI for economic forecasting and banking supervision.