BSP amends scope of financial intermediaries, debt issuances

The Bangko Sentral ng Pilipinas (BSP) has amended key provisions governing the definition of financial intermediaries as well as the rules on the issuance of bonds and borrowings by banks and quasi-banks, in a move that clarifies lender coverage and aligns regulatory treatment across institutions.

- By KEISHA TA-ASAN

Under a new circular approved by the Monetary Board on Oct. 16, the BSP revised Section 101-Q of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), expanding and clarifying who qualifies as a financial intermediary for purposes of quasi-banking regulation.

The amendments also update Section 246 of the Manual of Regulations for Banks (MORB) and the corresponding Section 205-Q of the MORNBFI on the issuance of bonds, commercial papers and other debt securities.

The BSP said the revised Section 101-Q now provides a more explicit definition of financial intermediaries, focusing on the actual functions performed rather than solely on formal registration or licensing.