The Bangko Sentral ng Pilipinas (BSP) has set higher liquidity and capital requirements for Electronic Money Issuers (EMIs) with significant outstanding e-money balance and large scale operations.
The regulator is looking to promote resilience of EMIs amid the increasing IT related risks and to better protect the interests of E-money account holders in the Philippines. Large-scale EMIs are required to maintain minimum capital of PHP 200 million while the minimum capital requirement for small-scale EMIs is PHP 100 million. EMIs with monthly outstanding e-money balance of at least PHP 100 million are required to maintain liquid assets in trust accounts equivalent to at least 50 percent (50%) of their outstanding e-money balance. They will need to cover the remaining balance with placements in bank deposits, government securities, or other liquid assets acceptable to the BSP.
Meanwhile, EMIs with outstanding e-money balance below PHP 100 million may continue to comply with the liquidity requirements by holding eligible liquid assets. The new rules also broadened the acceptability of e-money to include merchants and issuers using the same mobile application. BSP said that the EMIs will be given one year from the effectivity of the revised regulations to comply.

Governor Felipe M. Medalla said,
“The amendments are geared towards equipping EMIs in attending to the evolving needs and behaviors of consumers and in responding to the existing and emerging risks in the financial sector, such as cybersecurity and money laundering. The revised guidelines reaffirm the BSP’s commitment to uphold the welfare of Filipinos by promoting a safe, secure, and inclusive financial system.”