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Bankers Association Of The Philippines

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Namestring
Bankers Association Of The Philippines
Legal namestring
Bankers Association of the Philippines
Websiteurl
bap.org.ph
Company typeenum
Private
Founded yearint
1949
Descriptiontext

The Bankers Association of the Philippines (BAP) is a non-stock, not-for-profit industry association founded in 1949 and SEC-incorporated in 1964, serving as the lead coordinating body for universal and commercial banks in the Philippines. Its membership comprises 43 banks — 19 local institutions and 24 foreign bank branches — spanning effectively the entire regulated commercial banking sector. Rather than serving external customers, BAP provides shared financial market infrastructure, benchmark administration, industry advocacy, and workforce development directly to its member banks and, indirectly, to the broader Philippine banking public.

BAP's operating substance sits in a portfolio of critical market infrastructure. It owns and administers the BAP USD/PHP Spot Benchmark Rate — registered with the Intellectual Property Office of the Philippines and calculated by Bloomberg (calculation and publication agent since a December 2018 MOA) as a transaction-volume-weighted average of qualifying member-bank FX trades — alongside Government Securities benchmark administration. It operates two BSP-designated systemically important payment systems: the Philippine Domestic Dollar Transfer System (PDDTS, operational since 1995) and the Payment-versus-Payment System (PvP, since 2003), run in partnership with Citi Philippines and PCHC. BAP also controls core operating subsidiaries including the PDS Group (PDEx, PSSC, PDTC), the BAP Credit Bureau, and BAP Credit Guaranty Corporation, and delivers training via the Ateneo-BAP Institute of Banking and BAIPHIL.

As a non-stock, not-for-profit entity, BAP does not charge membership fees; its operations are funded by member banks. It is governed by a Chairman (Paul Raymond A. Favila of Citi Philippines) and a President, with Ana Aboitiz Delgado (UnionBank CEO) appointed for the 2026-2027 term. There is no traditional revenue model, go-to-market motion, or pricing structure; value is delivered through direct membership services and financial market infrastructure operated on behalf of the industry.

Short descriptiontext

A non-stock, not-for-profit industry association founded in 1949 that coordinates the Philippine banking sector, administering FX and government-securities benchmarks and systemically important payment systems for its 43 universal and commercial member banks.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
11–50
akta.pro rankint
HeadquartersMakati, Philippines
HQ citystring
Makati
HQ countrystring
Philippines
HQ regionstring
Asia
Markets served

Serves global market

Offices1 record

Each record includes

City, Country, Type, Description, Source

Keyword5 values
banking industry association, FX benchmark administration, payment systems infrastructure, financial market infrastructure, banking industry advocacy
Industry1 code
1Account Opening, KYC/AML & Customer Due Diligence (CDD/EDD)
CodeFSABALAAPrimaryYes
Product category
Banking Industry Association
Social media profiles1 record
Marketing channels1 record

Each record includes

Title, Type, Stage, Description, Source

Distribution channels1 record

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Personnel, Technology or R&D, Operations, Marketing or Sales, Others
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

BAP is the lead non-stock, not-for-profit industry association of universal and commercial banks in the Philippines, representing 43 member banks (19 local and 24 foreign). It administers the BAP USD/PHP Spot Benchmark Rate, operates the systemically important Philippine Domestic Dollar Transfer System (PDDTS) and Payment-versus-Payment (PvP) System in partnership with Citi Philippines and PCHC, delivers banking workforce training and certification programs, and conducts industry advocacy and cybersecurity coordination for the Philippine banking sector.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 value
  • Interest-rate swap volumes surged more than 60-fold since launch of peso IRS facility in late 2024
Product overview1 text field

The Bankers Association of the Philippines (BAP) is a non-stock, not-for-profit organization representing 43 universal and commercial banks (19 local and 24 foreign). Rather than a single product, BAP operates a portfolio of critical financial market infrastructure and services: the Philippine Domestic Dollar Transfer System (PDDTS) and Payment-versus-Payment (PvP) System are systemically important payment systems managed with Citi Philippines and PCHC; the BAP USD/PHP Spot Benchmark Rate provides FX price discovery via Bloomberg; and the PDS Group subsidiaries manage securities exchange and settlement. Supporting services include BAP Credit Bureau and BAP Credit Guaranty Corporation for credit information, the BAP Trainings Portal for professional development via BAIPHIL and Ateneo-BAP Institute of Banking, and the #CyberSafe cybersecurity initiative.

Product and service6 records
1Philippine Domestic Dollar Transfer System (PDDTS)
CategoryPayment Systems
Description

A designated systemically important payment system operated by BAP in partnership with Citi Philippines and PCHC, facilitating domestic dollar transfers among member banks.

2Payment-versus-Payment System (PvP)
CategoryPayment Systems
Description

A systemically important payment system operated by BAP with Citi Philippines and PCHC, designed to reduce cross-currency settlement risk between transacting parties.

3BAP USD/PHP Spot Benchmark Rate
CategoryFX Benchmark Administration
Description

The official FX benchmark rate for the US Dollar-Philippine Peso spot market, registered with the Intellectual Property Office of the Philippines as the BAP AM Spot Weighted Average. Calculated as the transaction volume weighted average of qualified FX transactions executed by BAP member banks between 9:00AM and 11:30AM with minimum transaction amount of USD 500,000.00, published by 11:35AM via Bloomberg LP.

4GS Benchmark Administration
CategoryBenchmark Administration
Description

Government Securities benchmark administration service provided by BAP to support fixed-income market price discovery in the Philippines.

5Treasury Certification Program
CategoryBanking Training and Certification
Description

Professional certification program for treasury professionals, administered through the Ateneo-BAP Institute of Banking (ABIB) partnership with Ateneo Graduate School of Business Center for Continuing Education.

6BAP Trainings Portal
CategoryBanking Training
Description

Training opportunities portal offering professional development courses for the banking industry workforce in partnership with BAIPHIL and the Ateneo-BAP Institute of Banking.

Scale indicator4 records

Each record includes

Type, Value, Description, Source

Partnership9 partners
Strategic tierMinorTypeStrategic or Co-development PartnerAnnounced on2025-08-14
Description

BAP co-hosts Finance Philippines 2025 with The Asian Banker, one of the country's most anticipated banking and finance conferences.

Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2025-08-01
Description

BAP renewed its partnership with Citi Philippines through August 2030 to continue operating the Philippine Domestic Dollar Transfer System (PDDTS) and Payment-versus-Payment System (PvP). Both systems are designated as systematically important payment systems by the Bangko Sentral ng Pilipinas. The renewed agreement includes upgraded IT infrastructure targeting 99.5 percent system uptime, improved disaster recovery protocols, and transition from LIBOR to the Effective Federal Funds Rate.

Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2025-08-01
Description

BAP partnered with PCHC alongside Citi Philippines to operate the PDDTS and PvP systems through 2030. These systems have operated since 1995 (PDDTS) and 2003 (PvP), facilitating domestic dollar transfers and reducing cross-currency settlement risk.

Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2025-06-10
Description

BAP signed a Memorandum of Understanding with BAIPHIL to enhance the banking industry workforce's skills. BAIPHIL is the leading training institute in the country for banking professional development.

Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2024-12-01
Description

BSP is the central bank of the Philippines and works with BAP on FX benchmark administration, payment systems oversight (designating PDDTS and PvP as systematically important), and monetary policy transmission. BAP coordinates with BSP on financial market reforms.

Strategic tierCoreTypeTechnology or IntegrationAnnounced on2018-12-01
Description

Bloomberg serves as the trading platform provider for FX spot market participants and as calculation agent and publication agent for the BAP USD/PHP Spot Benchmark Rate under a Memorandum of Agreement dated December 2018.

Strategic tierMinorTypeStrategic or Co-development Partner
Description

Globe Telecom and the Bankers Association of the Philippines have partnered for cross-industry intelligence sharing to combat online fraud. This is part of collaborative fraud management efforts leveraging federated learning and privacy-preserving AI technologies.

8ASEAN Bankers Association (ABA)
Strategic tierCoreTypeStrategic or Co-development Partner
Description

BAP is a member of the ASEAN Bankers Association (ABA) and chair of the Permanent Committee in Banking Education. BAP is committed to supporting training programs of ABA members, particularly national banking associations in emerging economies in the region.

bap.org.ph
Strategic tierCoreTypeStrategic or Co-development Partner
Description

BAP maintains a long-standing partnership with Ateneo Graduate School of Business Center for Continuing Education through the Ateneo-BAP Institute of Banking (ABIB) for administering the Treasury Certification Program.

Recent move14 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight5 records

Each record includes

Type, Description

Market position
Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat6 records

Each record includes

Type, Details

Key risks5 records

Each record includes

Headline, Details, Source

Key highlights7 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment1 record

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile1 record

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
Yes
API detail
Has APIbool
No

Docs URL, Description

Integration3 records

Each record includes

Title, Type, Description, Source

AI maturity
App detail

Has app

Feature3 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles4 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries4 records

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Bankers Association Of The Philippines

Banking Industry Associationbap.org.ph

A non-stock, not-for-profit industry association founded in 1949 that coordinates the Philippine banking sector, administering FX and government-securities benchmarks and systemically important payment systems for its 43 universal and commercial member banks.

What Bankers Association Of The Philippines does

The Bankers Association of the Philippines (BAP) is a non-stock, not-for-profit industry association founded in 1949 and SEC-incorporated in 1964, serving as the lead coordinating body for universal and commercial banks in the Philippines. Its membership comprises 43 banks — 19 local institutions and 24 foreign bank branches — spanning effectively the entire regulated commercial banking sector. Rather than serving external customers, BAP provides shared financial market infrastructure, benchmark administration, industry advocacy, and workforce development directly to its member banks and, indirectly, to the broader Philippine banking public.

BAP's operating substance sits in a portfolio of critical market infrastructure. It owns and administers the BAP USD/PHP Spot Benchmark Rate — registered with the Intellectual Property Office of the Philippines and calculated by Bloomberg (calculation and publication agent since a December 2018 MOA) as a transaction-volume-weighted average of qualifying member-bank FX trades — alongside Government Securities benchmark administration. It operates two BSP-designated systemically important payment systems: the Philippine Domestic Dollar Transfer System (PDDTS, operational since 1995) and the Payment-versus-Payment System (PvP, since 2003), run in partnership with Citi Philippines and PCHC. BAP also controls core operating subsidiaries including the PDS Group (PDEx, PSSC, PDTC), the BAP Credit Bureau, and BAP Credit Guaranty Corporation, and delivers training via the Ateneo-BAP Institute of Banking and BAIPHIL.

As a non-stock, not-for-profit entity, BAP does not charge membership fees; its operations are funded by member banks. It is governed by a Chairman (Paul Raymond A. Favila of Citi Philippines) and a President, with Ana Aboitiz Delgado (UnionBank CEO) appointed for the 2026-2027 term. There is no traditional revenue model, go-to-market motion, or pricing structure; value is delivered through direct membership services and financial market infrastructure operated on behalf of the industry.

Bankers Association Of The Philippines firmographics

Firmographics
Name
Bankers Association Of The Philippines
Legal name
Bankers Association of the Philippines
Website
https://bap.org.ph
Company type
Private
Founded year
1949
Operating status
Operating
Headcount range
11–50 employees
Short description
A non-stock, not-for-profit industry association founded in 1949 that coordinates the Philippine banking sector, administering FX and government-securities benchmarks and systemically important payment systems for its 43 universal and commercial member banks.
Ownership category
akta.pro rank

Bankers Association Of The Philippines industry classification

Industry
Product category
Banking Industry Association
akta.pro primary industry
Account Opening, KYC/AML & Customer Due Diligence (CDD/EDD) (FSABALAA)

Keywords

  • Banking industry association
  • FX benchmark administration
  • Payment systems infrastructure
  • Financial market infrastructure
  • Banking industry advocacy

Where Bankers Association Of The Philippines is headquartered

Location

Headquarters

HQ city
Makati
HQ country
Philippines
HQ region
Asia

Offices1 record

Markets served

Bankers Association Of The Philippines business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Distribution channels1 record

Marketing channels1 record

Bankers Association Of The Philippines product offering

Product offering

Core offering

BAP is the lead non-stock, not-for-profit industry association of universal and commercial banks in the Philippines, representing 43 member banks (19 local and 24 foreign). It administers the BAP USD/PHP Spot Benchmark Rate, operates the systemically important Philippine Domestic Dollar Transfer System (PDDTS) and Payment-versus-Payment (PvP) System in partnership with Citi Philippines and PCHC, delivers banking workforce training and certification programs, and conducts industry advocacy and cybersecurity coordination for the Philippine banking sector.

Product overview

The Bankers Association of the Philippines (BAP) is a non-stock, not-for-profit organization representing 43 universal and commercial banks (19 local and 24 foreign). Rather than a single product, BAP operates a portfolio of critical financial market infrastructure and services: the Philippine Domestic Dollar Transfer System (PDDTS) and Payment-versus-Payment (PvP) System are systemically important payment systems managed with Citi Philippines and PCHC; the BAP USD/PHP Spot Benchmark Rate provides FX price discovery via Bloomberg; and the PDS Group subsidiaries manage securities exchange and settlement. Supporting services include BAP Credit Bureau and BAP Credit Guaranty Corporation for credit information, the BAP Trainings Portal for professional development via BAIPHIL and Ateneo-BAP Institute of Banking, and the #CyberSafe cybersecurity initiative.

Differentiator

Problem solved

Functional benefit

Products and services

  • Philippine Domestic Dollar Transfer System (PDDTS) A designated systemically important payment system operated by BAP in partnership with Citi Philippines and PCHC, facilitating domestic dollar transfers among member banks.
  • Payment-versus-Payment System (PvP) A systemically important payment system operated by BAP with Citi Philippines and PCHC, designed to reduce cross-currency settlement risk between transacting parties.
  • BAP USD/PHP Spot Benchmark Rate The official FX benchmark rate for the US Dollar-Philippine Peso spot market, registered with the Intellectual Property Office of the Philippines as the BAP AM Spot Weighted Average. Calculated as the transaction volume weighted average of qualified FX transactions executed by BAP member banks between 9:00AM and 11:30AM with minimum transaction amount of USD 500,000.00, published by 11:35AM via Bloomberg LP.
  • GS Benchmark Administration Government Securities benchmark administration service provided by BAP to support fixed-income market price discovery in the Philippines.
  • Treasury Certification Program Professional certification program for treasury professionals, administered through the Ateneo-BAP Institute of Banking (ABIB) partnership with Ateneo Graduate School of Business Center for Continuing Education.
  • BAP Trainings Portal Training opportunities portal offering professional development courses for the banking industry workforce in partnership with BAIPHIL and the Ateneo-BAP Institute of Banking.

Quantifiable outcome

  • Interest-rate swap volumes surged more than 60-fold since launch of peso IRS facility in late 2024

Companies that use Bankers Association Of The Philippines

Customer profile

Segments1 record

Ideal customer profiles1 record

Bankers Association Of The Philippines technology and API

Technology

Technology focussed Yes

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Bankers Association Of The Philippines partnerships and signals

Strategic signal

Partnerships

Nine partnerships are on record, tiered minor and core.

  • The Asian BankerminorStrategic or Co-development Partner · 14 August 2025BAP co-hosts Finance Philippines 2025 with The Asian Banker, one of the country's most anticipated banking and finance conferences.
  • Citi PhilippinescoreStrategic or Co-development Partner · 1 August 2025BAP renewed its partnership with Citi Philippines through August 2030 to continue operating the Philippine Domestic Dollar Transfer System (PDDTS) and Payment-versus-Payment System (PvP). Both systems are designated as systematically important payment systems by the Bangko Sentral ng Pilipinas. The renewed agreement includes upgraded IT infrastructure targeting 99.5 percent system uptime, improved disaster recovery protocols, and transition from LIBOR to the Effective Federal Funds Rate.
  • Philippine Clearing House Corp. (PCHC)coreStrategic or Co-development Partner · 1 August 2025BAP partnered with PCHC alongside Citi Philippines to operate the PDDTS and PvP systems through 2030. These systems have operated since 1995 (PDDTS) and 2003 (PvP), facilitating domestic dollar transfers and reducing cross-currency settlement risk.
  • Bankers Institute of the Philippines (BAIPHIL)coreStrategic or Co-development Partner · 10 June 2025BAP signed a Memorandum of Understanding with BAIPHIL to enhance the banking industry workforce's skills. BAIPHIL is the leading training institute in the country for banking professional development.
  • Bangko Sentral ng Pilipinas (BSP)coreStrategic or Co-development Partner · 1 December 2024BSP is the central bank of the Philippines and works with BAP on FX benchmark administration, payment systems oversight (designating PDDTS and PvP as systematically important), and monetary policy transmission. BAP coordinates with BSP on financial market reforms.
  • Bloomberg Finance Singapore L.P.coreTechnology or Integration · 1 December 2018Bloomberg serves as the trading platform provider for FX spot market participants and as calculation agent and publication agent for the BAP USD/PHP Spot Benchmark Rate under a Memorandum of Agreement dated December 2018.
  • Globe TelecomminorStrategic or Co-development PartnerGlobe Telecom and the Bankers Association of the Philippines have partnered for cross-industry intelligence sharing to combat online fraud. This is part of collaborative fraud management efforts leveraging federated learning and privacy-preserving AI technologies.
  • ASEAN Bankers Association (ABA)coreStrategic or Co-development PartnerBAP is a member of the ASEAN Bankers Association (ABA) and chair of the Permanent Committee in Banking Education. BAP is committed to supporting training programs of ABA members, particularly national banking associations in emerging economies in the region.
  • Ateneo Graduate School of Business Center for Continuing EducationcoreStrategic or Co-development PartnerBAP maintains a long-standing partnership with Ateneo Graduate School of Business Center for Continuing Education through the Ateneo-BAP Institute of Banking (ABIB) for administering the Treasury Certification Program.

Scale indicators4 records

Recent moves14 records

Expansion highlights5 records

Bankers Association Of The Philippines competitors and assessment

Company assessment

Market position

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

Bankers Association Of The Philippines social profiles

Digital presence

Bankers Association Of The Philippines financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Bankers Association Of The Philippines leadership team

Management profile

Number of profiles

Profiles4 records

Bankers Association Of The Philippines subsidiaries and ownership

Company hierarchy

Subsidiaries4 records

Bankers Association Of The Philippines funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Bankers Association Of The Philippines M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bankers Association Of The Philippines

What does Bankers Association Of The Philippines do?

BAP is the lead non-stock, not-for-profit industry association of universal and commercial banks in the Philippines, representing 43 member banks (19 local and 24 foreign). It administers the BAP USD/PHP Spot Benchmark Rate, operates the systemically important Philippine Domestic Dollar Transfer System (PDDTS) and Payment-versus-Payment (PvP) System in partnership with Citi Philippines and PCHC, delivers banking workforce training and certification programs, and conducts industry advocacy and cybersecurity coordination for the Philippine banking sector.

Is Bankers Association Of The Philippines a public or private company?

Bankers Association Of The Philippines is a private company. It is classified as nonprofit foundation owned and is currently operating.

When was Bankers Association Of The Philippines founded?

Bankers Association Of The Philippines was founded in 1949. It employs 11 to 50 people.

Where is Bankers Association Of The Philippines based?

Bankers Association Of The Philippines is headquartered in Makati, Philippines, in the Asia region.

Does Bankers Association Of The Philippines have an API?

No public API is recorded for Bankers Association Of The Philippines.

What industry is Bankers Association Of The Philippines in?

Bankers Association Of The Philippines's product category is Banking Industry Association. Its primary akta.pro industry code is FSABALAA, Account Opening, KYC/AML & Customer Due Diligence (CDD/EDD).

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Live signals
InquirerBIZ BUZZ: Price to pay for JPMorgan index inclusionThe Philippines' planned entry into the JPMorgan Government Bond Index on January 29, 2027 requires local bond pricing to align with international standards by September 15, which market players warn could erode bank profitability by removing the price adjustment between gross and net principal. The Bankers Association of the Philippines is seeking a formal circular from the Bangko Sentral ng Pilipinas to mandate the change and protect banks from potential legal liability. Separately, SEC-approved crypto asset intermediary BlockShoals Technologies Inc. joined FinTech Alliance PH to strengthen its compliance credentials, while Globe Telecom Inc. appointed Carlo Jimenez as its new vice president for marketing and head of masterbrand.BusinessWorld OnlinePhilippine banking industry hopes interest rate swaps will overtake FX marketPhilippine banking officials, led by the Bankers Association of the Philippines and Bangko Sentral ng Pilipinas, are promoting the growth of the interest rate swap (IRS) market with the goal of it eventually overtaking the foreign exchange market. Outstanding peso IRS contracts have surged to approximately P114 billion, driven by efforts to deepen the financial system and reduce reliance on exchange rates as the primary economic indicator. Stakeholders aim to establish a unified short-term benchmark rate by year-end to enhance transparency and competition, despite challenges regarding historical data synchronization.Fintech News PhilippinesAna Aboitiz Delgado Becomes the First Female President in BAP’s 80-Year HistoryAna Aboitiz Delgado, CEO and President of UnionBank, has been appointed as the new President of the Bankers Association of the Philippines (BAP) for the 2026 to 2027 term, making her the first female leader in the organisation's nearly 80-year history. She will guide the industry amid rapid digitalisation, AI adoption, and interconnected operational risks intensified by global geopolitical instability. Delgado emphasised the need for BAP to champion industry-wide benchmarks and enhance cooperation to preserve and strengthen trust in the financial system.BloombergInterest Rate Swap Volumes Surge in Philippines, BSP Chief SaysInterest-rate swap transactions in the Philippines have surged more than 60-fold since the launch of a peso IRS facility in late 2024, with trading volumes jumping to 43.5 billion pesos ($739 million) in January from 700 million pesos in 2024. Bangko Sentral ng Pilipinas Governor Eli Remolona said the growth is helping improve price discovery and strengthening monetary policy transmission, while Bankers Association of the Philippines Chairman Paul Favila of Citibank described the early activity as "very encouraging." The central bank sees the deepening market as a step toward building a benchmark yield curve that the country's markets need.InsiderPHBAP renews Citi, PCHC partnership for stable dollar transfer, payment systemsThe Bankers Association of the Philippines (BAP) has renewed its partnership with Citi Philippines and Philippine Clearing House Corp. (PCHC) through August 2030 to continue operating the Philippine Domestic Dollar Transfer System and Payment-versus-Payment System. The renewed agreement includes upgraded IT infrastructure targeting 99.5 percent system uptime, improved disaster recovery protocols, and transition from LIBOR to the Effective Federal Funds Rate. Both systems, designated as systematically important payment systems by the Bangko Sentral ng Pilipinas in 2022, have operated since 1995 and 2003 respectively, facilitating domestic dollar transfers and reducing cross-currency settlement risk.CDOTrendsFighting Online Fraud in Banking With Privacy-First Collaborative AIOnline fraud is costing ASEAN economies billions of dollars annually, with the average data breach cost reaching a record USD 3.33 million in 2024, prompting regulators and financial institutions across the region to intensify collaborative fraud management efforts. Human Managed has published a whitepaper exploring federated learning and privacy-preserving AI as a solution enabling financial institutions to build fraud detection models across decentralized data without sharing raw data, addressing key barriers of data quality, privacy, and rising LLM training costs. The article highlights PayNet's National Fraud Portal in Malaysia and partnerships such as Globe Telecom and the Bankers Association of the Philippines as concrete examples of cross-industry intelligence sharing, while noting that adoption hinges on viable economic incentives and centralized stewardship.GrantthorntonBIR clarifies treatment, conversion of foreign currency transactionsThe Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 12-2024 to clarify the rules for converting foreign currency transactions into Philippine Pesos for tax reporting purposes. The regulation mandates the use of spot exchange rates on the date of transaction, primarily sourced from the Banker’s Association of the Philippines, to align financial reporting with tax obligations. It also specifies that only realized forex gains and losses are subject to income tax, while unrealized differences are excluded.Philstar.comPhilippine banks not affected by SVB demise’The Bangko Sentral ng Pilipinas and the Bankers Association of the Philippines have stated that Philippine banks have no reported exposure to Silicon Valley Bank following its collapse, the biggest US bank failure since the 2008 financial crisis. Philippine bank stocks experienced temporary declines amid global market jitters over the SVB failure, but analysts expect limited contagion given the structural stability of Asia-Pacific banks. Moody's noted that regional banks are well-capitalized with diversified funding and are not heavily exposed to technology companies.