The Bangko Sentral ng Pilipinas (BSP) is set to implement a new risk-based supervisory model that will tighten oversight of banks and non-bank electronic money issuers, according to a report by Philstar Biz.
The new framework will assess financial institutions based on their potential to harm consumers and their capacity to address financial consumer protection risks. This move aims to strengthen the regulatory environment amid the rapid growth of digital payments and e-money services in the country.
The BSP's initiative reflects a broader effort to enhance consumer safeguards as more Filipinos adopt electronic financial services. The central bank has been actively updating its supervisory tools to keep pace with innovation while ensuring the stability and integrity of the financial system.