Philippines: 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 individuals and/or foreign non-bank corporations on digital banking at 40%. There was no cap on digital banking prior to this regulation.