Makati city: Enhanced guidelines on digitalization among Philippine banks will be released within the year to level the playing field, a Bangko Sentral ng Pilipinas (BSP) official said Tuesday. BSP Deputy Governor Chuchi Fonacier, in her speech during the Chamber of Thrift Banks (CTB) convention in Makati City, highlighted the increasing number of banks adopting digital platforms to provide improved services and products.

According to Philippines News Agency, Fonacier cited BSP data, noting that approximately 73.2 percent of the 41 thrift banks in the country hold electronic payment and financial services (ePFS) licenses. Of these, 48.8 percent offer InstaPay and 43.9 percent provide PESONet services, both of which are electronic fund transfer services under the BSP's National Retail Payment System (NRPS) program.

Fonacier emphasized the need for banks to evaluate their level of digital centricity to establish indicators that will be used to assess digital capabilities. This move aims to ensure a fair playing field and consistent application of regulatory requirements between digital banks and digital-centric banks.

During an interview at the event, Fonacier explained that banks will be required to have higher capital for their digitalization efforts. She mentioned that the guidelines are still under consideration by the Monetary Board, and clarified that the BSP has not issued new licenses for digital banks, maintaining the number of players at six. Digital banks in the Philippines must have a minimum capital of PHP1 billion.