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Money and Banking: Banking Laws

New Central Bank Act (Republic Act No. 7653)

Date Enacted: 1993

Individuals and Organizations Regulated: Bangko Sentral ng Pilipinas (BSP), all financial institutions operating in the Philippines.

Activities Regulated: Central banking activities, including the management of the country's monetary policy, regulation and supervision of the financial system, and maintenance of the country's foreign reserves.

Purpose of the Law: To establish the Bangko Sentral ng Pilipinas as the central bank of the Philippines and to provide for the regulation and supervision of the financial system in the Philippines.

General Banking Law of 2000 (Republic Act No. 8791)

Date Enacted: 2000

Individuals and Organizations Regulated: All banks and financial institutions operating in the Philippines.

Activities Regulated: Establishment, operation, and management of banks and other financial institutions, as well as the provision of financial services.

Purpose of the Law: To provide a legal framework for the regulation and supervision of banks and financial institutions in the Philippines, including the protection of depositors and the maintenance of financial stability.

Securities Regulation Code (Republic Act No. 8799)

Date Enacted: 2000

Individuals and Organizations Regulated: Securities and stock market participants, including issuers, stock exchanges, and brokers.

Activities Regulated: Securities market activities, including the issuance, trading, and settlement of securities, as well as the regulation of stock exchanges and other securities markets.

Purpose of the Law: To provide a legal framework for the regulation and supervision of the securities market in the Philippines, including the protection of investors and the promotion of fair and transparent securities markets.

Insurance Code (Presidential Decree No. 612)

Date Enacted: 1974

Individuals and Organizations Regulated: Insurance companies operating in the Philippines.

Activities Regulated: Insurance activities, including the underwriting and sale of insurance policies, as well as the regulation of insurance agents and brokers.

Purpose of the Law: To provide a legal framework for the regulation and supervision of the insurance industry in the Philippines, including the protection of policyholders and the stability of the insurance market.

Anti-Money Laundering Act (Republic Act No. 9160)

Date Enacted: 2001

Individuals and Organizations Regulated: Financial institutions, including banks, insurance companies, and money services businesses, as well as designated non-financial businesses and professions.

Activities Regulated: Money laundering and terrorism financing activities, including customer due diligence, record-keeping, and reporting requirements.

Purpose of the Law: To prevent and combat money laundering and terrorism financing activities in the Philippines and to ensure compliance with international standards and best practices in this regard.

Electronic Commerce Act (Republic Act No. 8792)

Date Enacted: 2000

Individuals and Organizations Regulated: All entities engaged in electronic commerce in the Philippines.

Activities Regulated: Electronic commerce activities, including the use of electronic signatures and records, as well as the regulation of electronic transactions and records.

Purpose of the Law: To provide a legal framework for the use of electronic commerce in the Philippines and to promote the development of e-commerce and other electronic business activities.

Data Privacy Act (Republic Act No. 10173)

Date Enacted: 2012

Individuals and Organizations Regulated: All entities that collect, process, and store personal data in the Philippines.

Activities Regulated: Personal data protection activities, including the protection of individuals' privacy rights, the regulation of the collection and use of personal data, and the establishment of data protection standards and best practices.

Purpose of the Law: To establish a legal framework for the protection of individuals personal data in the Philippines and to ensure compliance with international data protection standards and best practices.

Consumer Act of the Philippines (Republic Act No. 7394)

Date Enacted: 1992

Individuals and Organizations Regulated: All entities engaged in the provision of goods and services to consumers in the Philippines.

Activities Regulated: Consumer protection activities, including the protection of consumers' rights, the prevention of unfair and deceptive trade practices, and the promotion of fair competition in the marketplace.

Purpose of the Law: To establish the legal framework for the protection of consumers' rights and interests in the Philippines, and to promote fair and transparent business practices in the marketplace.