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BSP tightens disqualification rules for bank execs
The Freeman
|July 24, 2025
The Bangko Sentral ng Pilipinas (BSP) has further tightened its corporate governance rules by expanding the grounds for disqualifying directors and officers of banks and other financial institutions.
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In BSP Circular 1216 approved by the Monetary Board on May 22, the central bank amended Section 138 of the Manual of Regulations for Banks (MORB) and Section 137-Q of the Manual of Regulations for Non-Bank Financial Institutions.
This is to reinforce the watch listing and disqualification process for individuals deemed unfit to lead BSP-supervised institutions.
Under the updated rule, individuals who voluntarily submit an irrevocable sworn commitment to permanently inhibit themselves from owning or managing any BSP-supervised financial institution will now be automatically classified as permanently disqualified.
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