Country Manual Private Banking
Philippines
out of Bank’s Country of Establishment (Def, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | Yes |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
The documents have been reviewed following consultation with our local counsel. We can confirm that there have been no relevant regulatory changes since the last publication of this Country Manual.
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.
Implications for business relations with third parties
Several comments have been slightly reworded (without introducing material changes) to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
Furthermore, we would like to draw your attention to the following changes:
The answers in the section “Cooperation with a local EAM – A local EAM promoting a foreign bank and its custody services” have also been aligned with those concerning the Bank’s own promotion of its banking services (specifically from ”Grey Zone/YES” to “Grey Zone/NO”).
The answers in the section “B2C – Providing Documentation on the Bank’s Banking Services to the EAM for Clients’ Attention” and “B2C – Providing Documentation on the Bank’s Investment Services to the EAM for Clients’ Attention” have been aligned with those applicable to the provision of such documentation by the Bank itself (specifically, from ”Grey Zone/YES” to “NO”);
Regulatory Summary
This document now has a more user-friendly layout and reflects the changes contained in the RT.
BT Short Comparison
This document allows 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: info@brpsa.com
Geneva, October 24th, 2025