November 2021

The Subtle Power of FIRB

COVID-19 triggered economic losses since the first case was recorded in January 2020. The community quarantine measures imposed by the government severely disrupted business operations and commercial activities and led to a negative impact in our economic performance. For these reasons, the enactment of Corporate Recovery and Tax Incentives for Enterprises (CREATE) law this year was a welcome development.

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Open Finance: A Case Study for the Regulatory Sandbox Approach

On 17 June 2021, the Bangko Sentral ng Pilipinas (“BSP”) issued Circular No. 1122 (the “Circular”), which set out guidelines for the adoption of the Open Finance Framework (“Framework”). Open finance is part of the BSP’s Digital Payments Transformation Roadmap for 2020-2023, which aims to promote financial inclusion. The salient provisions of the Circular are discussed below.

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