Philippines: Foreign ownership cap for digital banking providers
Progress
Current status
in force
23 Dec 2020 in force
02 Dec 2020 under deliberation
Scope
Implementers
Philippines
Policy Area
Foreign direct investment
Policy Instrument
MNE: Entry and ownership rule
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
central bank
Implementation Level
national
Timeline of events
Implementation of restrictive measures on digital banking for foreign investors
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 ownership of the voting shares of stock of foreign indiv…
SourceEvent type
order
Action type
implementation
Government branch
executive
Government body
central bank
Announcement of restrictive measures on digital banking for foreign investors
In December 2020, the Philippines announced introducing restricted measures on digital banking by capping the maximum participation of non-bank foreign investors at 40%.
SourceEvent type
order
Action type
announcement
Government branch
executive
Government body
central bank