The Philippines is a large remittance-receiving economy with a fast-growing digital payments and e-money market led by mobile wallets. Banks, e-money issuers, payment system operators and virtual asset service providers are supervised by the Bangko Sentral ng Pilipinas (BSP), securities firms by the Securities and Exchange Commission (SEC), and gaming by the Philippine Amusement and Gaming Corporation (PAGCOR).
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes7
CurrencyPHP
S&P ratingBBB+
Next election8 May 2028
Grey-listed by the FATF in June 2021 and removed on 21 February 2025; absent from the June 2026 FATF list; removed from the EU high-risk third country list by Delegated Regulation (EU) 2025/1184 of 10 June 2025 (in force 5 August 2025); not on Annex I of the EU tax list updated 17 February 2026. Checked 7 October 2026.
Government and politics
Government
Presidential republic
President
Ferdinand Marcos Jr. · since June 2022
President
Ferdinand Marcos Jr. (Partido Federal ng Pilipinas)
Governing parties
Partido Federal ng Pilipinas and allied parties in Congress
Last election
Midterm election (half the Senate and the House of Representatives), 12 May 2025
Next election
Presidential and general election, 8 May 2028
Legislature
Congress: Senate (24 seats) and House of Representatives
Legal system
Mixed system of civil, common, Islamic (sharia) and customary law
Economy and finance
Population
116.8m (2025)
GDP
USD 487.2bn (2025)
GDP per person
USD 4,270 (2025)
Currency
Philippine peso (PHP), floating
Central bank
Bangko Sentral ng Pilipinas
Credit rating
S&P BBB+ (stable) · Moody's Baa2 (stable) · Fitch BBB (negative) (as of August 2026)
A fast-growing, consumption-driven economy supported by remittances from overseas workers, business process outsourcing and electronics exports, with Manila's banking sector supervised by the Bangko Sentral ng Pilipinas.
Bank
Universal or commercial banking licence
Minimum capitalNot published
TimelineNot published
AuthorityMonetary Board of the BSP
Law
General Banking Law of 2000 (Republic Act No. 8791); BSP Manual of Regulations for Banks, Sec. 121 (minimum capitalization)
Passporting
No passporting
Key requirements
Monetary Board approval and SEC registration of the bank corporation
Minimum capitalization by bank category under MORB Sec. 121 (figures not verified here)
Fit and proper stockholders, directors and officers
BSP Circular No. 1105, Series of 2020 (Guidelines on the Establishment of Digital Banks), approved by Monetary Board Resolution No. 1536 of 26 November 2020
Passporting
No passporting
Key requirements
Separate bank classification offering financial products and services processed end-to-end through a digital platform
Proof that paid-up capital is not derived from borrowings
Business plan, risk management and information security framework
Starts operating as a digital bank after SEC approval of its articles, within the period set by the BSP
BSP Circular No. 649, Series of 2009 (Guidelines Governing the Issuance of Electronic Money), as amended; Manual of Regulations for Non-Bank Financial Institutions
Passporting
No passporting
Key requirements
Non-bank EMIs need prior BSP authority and are supervised as non-bank financial institutions
Detailed requirements are in Circular 649 as amended; the scanned circular could not be text-checked
Virtual asset service provider (VASP) certificate of authority
Minimum capitalUSD 794k
TimelineNot published
AuthorityBSP
Minimum paid-in capital of PHP 50.0 million for VASPs offering safekeeping or administration of virtual assets; PHP 10.0 million for VASPs without safekeeping
Law
BSP Circular No. 1108, Series of 2021 (Guidelines for Virtual Asset Service Providers)
Passporting
No passporting
Key requirements
Certificate of authority from the BSP before operating as a VASP
AML/CFT programme including transmission of required originator and beneficiary information (travel rule)
Cybersecurity framework and safeguards for virtual asset wallets against cyber threats
Bangko Sentral ng Pilipinas (BSP) · websitebanks, E-money institutions, Payment service providers, Virtual asset service providers (VASPs)
Securities and Exchange Commission (SEC) · websiteInvestment firms, Virtual asset service providers (VASPs)
Philippine Amusement and Gaming Corporation (PAGCOR) · websiteOnline gaming
FATF status changed recently: the Philippines was on the FATF list of jurisdictions under increased monitoring from June 2021 until 21 February 2025, when the FATF removed it after it completed its action plan; it has not been re-listed (not mentioned in the February 2026 or June 2026 publications). Offshore gaming: PAGCOR publishes a list of cancelled Philippine Offshore Gaming Operators and service providers (page dated 4 August 2026), reflecting the government ban on offshore gaming; the executive order text could not be opened. Several official sites (SEC, Official Gazette, parts of BSP) refused automated access and some BSP circulars are scanned images, so these items are null: bank minimum capitalization by category, EMI capital, OPS fees, SEC broker-dealer capital, the SEC rules for crypto-asset service providers, and the current status of BSP limits on new digital bank and VASP licences. The VASP capital figures date from 2021 and may have been changed by later circulars.
General information
About Philippines
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Manila
Largest city
Quezon City (Metro Manila)
Area
300,000 km²
Official languages
Filipino, English
Time zone
UTC+08:00
Main exports
integrated circuits and semiconductors
machine parts
gold
insulated wire
IT and business process outsourcing services
Main export partners
China
United States
Hong Kong
Japan
Germany
Sources for the country information(8)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
