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In AML & Financial Services Regulatory

Philippines: Philippine Central Bank issues regulatory framework for payment systems engaged in Merchant Payment Acceptance Activities

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On 19 July 2024, pursuant to the National Payment Systems Act, the Bangko Sentral ng Pilipinas (BSP; Philippine Central Bank) issued Circular No. 1198, Series of 2024 on the Regulatory Framework for Merchant Payment Acceptance Activities (MPAA). The regulatory framework aims to establish standards and best practices to safeguard customer funds and protect merchants’ rights when dealing with operators of payment systems (OPS) engaged in MPAA.
BSP Circular No. 1198 took effect on 8 August 2024, 15 days after the circular’s publication in a newspaper of general circulation.

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In Cybersecurity, Data and Tech

Philippines: Implementing rules of the Internet Transactions Act

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Various agencies led by the Department of Trade and Industry (DTI) have signed Joint Administrative Order No. 24-03, Series of 2024 containing the Implementing Rules and Regulations (IRR) of Republic Act No. 11967, or The Internet Transactions Act of 2023 (ITA).
The ITA is intended to regulate e-commerce, protect consumer rights and data privacy, and uphold intellectual property rights.
The IRR clarifies the scope and coverage of the ITA, the enforcement powers of the DTI vis-à-vis other agencies, and the applicable procedure for imposition of fines.

In Cybersecurity, Data and Tech

Philippines: Implementing rules of the Internet Transactions Act

by , , , , , , , and 6 Mins Read

Various agencies led by the Department of Trade and Industry (DTI) have signed Joint Administrative Order No. 24-03, Series of 2024 containing the Implementing Rules and Regulations (IRR) of Republic Act No. 11967, or The Internet Transactions Act of 2023 (ITA).
The ITA is intended to regulate e-commerce, protect consumer rights and data privacy, and uphold intellectual property rights.
The IRR clarifies the scope and coverage of the ITA, the enforcement powers of the DTI vis-à-vis other agencies, and the applicable procedure for imposition of fines.

In Employment

Philippines: Employment laws for the private sector

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The Guide to Philippine Employment Laws for the Private Sectors is intended to provide employers and human resources professionals with a comprehensive overview of the key aspects of Philippine labor law. It covers the entire life cycle of the employment relationship from hiring through to termination, with information on working terms and conditions, family rights, personnel policies, workplace safety and discrimination. The guide links to our global handbooks, which include information for the Philippines on immigration and data privacy. The guide also contains information on the employment implications of share and asset sales.

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In Cybersecurity, Data and Tech

Philippines: Implementing rules of the Internet Transactions Act issued

by , , , , , , and 7 Mins Read

Various agencies led by the Department of Trade and Industry (DTI) have signed Joint Administrative Order No. 24-03, Series of 2024 containing the Implementing Rules and Regulations (IRR) of Republic Act No. 11967, or The Internet Transactions Act of 2023 (ITA).
To recall, the ITA is intended to regulate e-commerce, protect consumer rights and data privacy, and uphold intellectual property rights.
The IRR clarifies the scope and coverage of the ITA, the enforcement powers of the DTI vis-à-vis other agencies, and the applicable procedure for imposition of fines.

In Cybersecurity, Data and Tech

Philippines: Key legal information and potential business challenges of the Philippines’ financial technology sector

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The Primer on Fintech in the Philippines covers legal and regulatory issues and considerations related to the financial technology sector in the Philippines, including data privacy and cybersecurity considerations, anti-money laundering compliance, and the business challenges that the sector may face.

In Cybersecurity, Data and Tech

Philippines: NPC issues new guidelines on the processing of sensitive personal information for legal claims

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The National Privacy Commission (NPC) recently issued NPC Advisory No. 2024-02, which lays down guidelines on the processing of sensitive personal information for the protection of lawful rights and interests or the establishment, exercise or defense of legal claims, pursuant to Section 13(f) of the Data Privacy Act (DPA).
Entities who process sensitive personal information or privileged information must ensure that such processing is compliant with the guidelines provided in the Advisory. A legitimate interest assessment will be helpful in evaluating compliance with NPC Circular No. 2023-07.

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In AML & Financial Services Regulatory

Philippines: Philippine Central Bank issues regulatory framework for payment systems engaged in Merchant Payment Acceptance Activities

by , and 4 Mins Read

On 19 July 2024, pursuant to the National Payment Systems Act, the Bangko Sentral ng Pilipinas (BSP; Philippine Central Bank) issued Circular No. 1198, Series of 2024 on the Regulatory Framework for Merchant Payment Acceptance Activities (MPAA). The regulatory framework aims to establish standards and best practices to safeguard customer funds and protect merchants’ rights when dealing with operators of payment systems (OPS) engaged in MPAA.
BSP Circular No. 1198 took effect on 8 August 2024, 15 days after the circular’s publication in a newspaper of general circulation.

In Cybersecurity, Data and Tech

Philippines: Updated framework issued on the use of closed-circuit television systems

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The National Privacy Commission (NPC) recently issued NPC Circular No. 2024-02 (“Circular“), which provides an updated policy framework on the use of closed-circuit television (CCTV) systems. The Circular is intended to address emerging privacy risks arising from the use of CCTV systems, and to enable data controllers and processors to properly manage personal data processing carried out through such systems.

The Circular took effect on 27 August 2024.

In Employment

Philippines: Additional documentary requirements for the cancellation of PEZA Visa

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On 15 July 2024, the Philippine Economic Zone Authority (PEZA) issued a revised “List of Documentary Requirements for the Cancellation of PEZA Visa”. Beginning 15 July 2024, the relevant supporting document based on the reason for the cancellation of the PEZA Visa (PV) should be submitted together with the application to cancel the PV.

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