Philippines – CM PB – Update 2024

Feb 13, 2024

Country Manuals Private Banking

Dear Client,

We would like to inform you that BRP has updated its COUNTRY MANUAL PRIVATE BANKING for the following jurisdiction:


Law / RegulationYES
New Position of the AuthoritiesNO
Evolution of Expert’s interpretationNO

Regulatory Template, Regulatory Summary and Behaviour Template

Material changes

The recent rules and regulations from the Securities and Exchange commission (SEC) on the Philippines Financial Products and Services Consumer Protection Act (FCPA) provides for a new definition of “investment advisers” who are required to secure a license. The definition is as follows:

  • (a) engages in the business of advising others, whether electronically or in any other form, as to the value of investment products, advisability of investing in, purchasing or selling investment products;
  • (b) issues or promulgates analyses or reports concerning investment products in the Philippines.

Since the implementing rules and regulations were only recently issued,, it is still to be seen how the SEC will interpret the coverage of the FCPA with respect to the provision of investment advice. Nevertheless, on account of this new definition, a very cautious approach should be taken with respect to the provision of personalised investment advice, including via remote means of communication.

Furthermore, the section on consumer protection in the Regulatory Template has been updated with more comprehensive information concerning consumer protection mechanisms.

Non-material changes

Several comments have been slightly reworded (without introducing material changes) to reflect the regulatory situation/current interpretation of the regulatory framework more accurately. 

Regulatory Summary

This document has now a more user-friendly layout and reflects the changes contained in the RT.

BT Short Comparison

BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “PHILIPPINES” in the Target Country Field.

The BT Short Comparison should be read as follows:

The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.

For more information, please contact us:

Best regards,