Philippines' Insurance Commission to fall under central bank's rule

Pedro Gonçalves
clock • 2 min read

Two separate bills have been filed at the Philippine legislature's lower house seeking to restructure the Insurance Commission and place it under the jurisdiction of the central bank Bangko Sentral ng Pilipinas (BSP). If either bill is passed, it would make the BSP a "super regulator" similar to regional neighbours Monetary Authority of Singapore and Bank Negara Malaysia, according to a report by the Manila Bulletin. At the moment the BSP jurisdiction is limited to banks and non-banks with quasi banking functions. However the amended charter gives them additional supervision powers to...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now


Already a International Investment member?