Compliance officers, risk teams, governance leaders – the Bangko Sentral nguyen Pilipinas (BSP) has updated the MORB and MORNBFI (as of December 2025), incorporating all circulars issued by the central bank from 01 January 2024 through 31 December 2025.
BSP website: https://www.bsp.gov.ph/
Manual of Regulations for Banks: https://www.bsp.gov.ph/SitePages/Regulations/MORB.aspx
Manual of Regulations for Non-Bank Financial Institutions: https://www.bsp.gov.ph/SitePages/Regulations/MORNBFI.aspx
BSP Circular Letter No. 2026-038: https://www.bsp.gov.ph/Regulations/Issuances/2026/CL-2026-038.pdf
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The regulations are now organized with a modular structure, utilizing thematic modules such as governance, risk management, and reporting. This modular format is intended for easier navigation and more efficient, targeted updates.
Key MORB Changes:
- Governance & Disqualification Rules
Stricter fit‑and‑proper standards for directors and officers, with extended disqualification periods for those with pending cases or derogatory records.
- Debt Issuance & Reporting Requirements
New rules for bonds, commercial papers, and debt instruments issued by banks and quasi‑banks, including mandatory BSP notification within five banking days after board approval.
- Financial Reporting Package (FRP) Updates
Revised Manual of Accounts integrating changes in account titles and classifications, aligned with Philippine Financial Reporting Standards (PFRS) 9 – Financial Instruments.
- Enhanced Supervisory Alignment
Updates to reporting and compliance obligations to harmonize with BSP’s modular approach and international prudential standards.
Key MONRBFI Changes:
- Expanded Definition of Financial Intermediaries
Coverage clarified for banks, quasi-banks, trust entities, investment houses, financing companies, pawnshops, non-stock savings and loans associations (NSSLAs), and insurance companies, ensuring consistent prudential application.
- Inclusion of “M Section” – Money Service Businesses (MSBs)
A new dedicated section for MSBs, covering remittance agents, foreign exchange dealers, and virtual asset service providers (VASPs). This codifies supervisory expectations and reporting obligations for MSBs under BSP oversight.
- Governance Standards
Enhanced provisions for board composition, accountability, and compliance oversight tailored to non‑bank institutions.
- Risk Management Frameworks
Strengthened requirements for internal controls, compliance monitoring, and reporting specific to NBFIs and MSBs.
- Reporting & Documentation Alignment
Updates to reporting obligations and documentation standards to harmonize with BSP’s modularized approach and FRP revisions.
