{
 "jurisdiction_id": "PH",
 "jurisdiction": "Philippines",
 "url": "https://payments.gi/jurisdictions/philippines/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 59,
  "source_register": 95
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/philippines/#w1a-licensing-authorisation-market-access",
   "standing_position": "The Philippines payments regime is anchored by the National Payment Systems Act (RA 11127, 2018), under which the BSP exercises exclusive oversight of payment systems. Non-bank payment players register as Operators of Payment Systems (OPS) under BSP Circular 1049; e-money is licensed via the EMI regime (Circular 649 as revised). EMIs split into EMI-Bank and EMI-NBFI categories; the 2021 EMI-NBFI moratorium was lifted by end-2024. There is no single EMI 'passport'; bank vs non-bank routes are distinct.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "statute",
     "source": "https://www.bsp.gov.ph/SitePages/PaymentsAndSettlements/PaymentsAndSettlements.aspx",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "circular",
     "source": "https://www.bsp.gov.ph/PaymentAndSettlement/FAQ_OPS_Registration.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "circular",
     "source": "https://www.respicio.ph/commentaries/legality-of-online-payment-platforms-in-the-philippines",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "memorandum",
     "source": "https://developingtelecoms.com/telecom-business/telecom-regulation/17814-philippines-central-bank-ends-ban-on-electronic-money-issuers.html",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "circular",
     "source": "https://www.bsp.gov.ph/Regulations/Issuances/2023/1166.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/philippines/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Consumer conduct and safeguarding rest on the Financial Products and Services Consumer Protection Act (RA 11765) administered by the BSP, plus BSP IT-risk and fraud-monitoring requirements (Circular 1140) and fit-and-proper authority over directors/officers. E-money float must be backed 100% in domestic placements; a risk-based capital adequacy ratio applies to EMIs. BSFIs must maintain a Consumer Assistance Management System (CAMS).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "statute",
     "source": "https://www.respicio.ph/commentaries/how-to-file-a-complaint-with-bangko-sentral-ng-pilipinas-bsp",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "circular",
     "source": "https://www.symphonyai.com/resources/blog/financial-services/the-philippines-reducing-fraud-scams-afasa/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "rule",
     "source": "https://www.respicio.ph/commentaries/legality-of-online-payment-platforms-in-the-philippines",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "memorandum",
     "source": "https://www.gadgetpilipinas.net/2025/08/gcash-and-maya-comply-with-bsp/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/philippines/#w2-stablecoins-digital-money",
   "standing_position": "Digital money spans the EMI e-money regime, a BSP regulatory-sandbox peso stablecoin (PHPC by Coins.ph), VASP rules (Circular 1108) and the wholesale CBDC programme (Project Agila / CBDCPh). PHPC completed its sandbox phase in mid-2025; the wholesale CBDC PoC concluded testing in December 2024 with a live target later in the decade. The BSP has indefinitely frozen new VASP licences; the SEC operates a parallel CASP framework for crypto-asset service providers.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "pilot",
     "source": "https://www.centralbanking.com/central-banks/payments/7963447/bsp-completes-wholesale-cbdc-proof-of-concept-tests",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "sandbox_approval",
     "source": "https://www.tranglo.com/blog/the-state-of-digital-currency-and-remittance-in-the-philippines/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "circular",
     "source": "https://bitwage.com/en-us/blog/state-of-stablecoins-in-philippines-september-2025",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "product",
     "source": "https://digitalpoundfoundation.com/country/philippines/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "pilot",
     "source": "https://www.ledgerinsights.com/philippines-to-complete-wholesale-cbdc-pilot-this-year/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/philippines/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "Operational resilience runs through the Payment System Oversight Framework (Circular 1089), which designates Systemically/Prominently Important Payment Systems and applies the BIS-IOSCO PFMI (adopted via Circular 1126). The Peso RTGS (PhilPaSSplus) and certain dollar systems are designated SIPS subject to closer BSP supervision. AFASA-related circulars (1213-1215) and Circular 1140 mandate real-time fraud monitoring; a penalty framework for payment-data reporting lapses was proposed in 2025.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "circular",
     "source": "https://i-leadacademy.org/2022/02/republic-act-r-a-no-11127-or-the-national-payment-systems-act-and-bangkosentral-ng-pilipinas-bsp-circular-no-1049/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "designation",
     "source": "https://www.bsp.gov.ph/Pages/PAYMENTS%20AND%20SETTLEMENTS/PhilPaSS/PhilPaSS-Overview.aspx",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "circular",
     "source": "https://www.bsp.gov.ph/Pages/PAYMENTS%20AND%20SETTLEMENTS/National%20Retail%20Payment%20System/The-Regulatory-Framework.aspx",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "consultation",
     "source": "https://fintech.global/2025/11/04/bsp-targets-stricter-rules-for-payment-data-compliance/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/philippines/#w4-scheme-network-compliance",
   "standing_position": "Card-scheme rules (Visa/Mastercard) operate on a merchant-discount-rate model with interchange set by the schemes and paid by acquirers; the Philippines has no statutory interchange cap comparable to the EU. PCI DSS compliance is required for card acceptance. Domestic instant rails (InstaPay/PESONet) are governed by the NRPS framework and BSP Circular 1033 confirmation-of-eligibility rules, with the national QR Ph standard mandated under Circular 1055.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "scheme_rule",
     "source": "https://sea.mastercard.com/en-region-sea/business/merchants/get-support/merchant-interchange-rates.html",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "circular",
     "source": "https://www.bsp.gov.ph/Pages/PAYMENTS%20AND%20SETTLEMENTS/National%20Retail%20Payment%20System/The-Regulatory-Framework.aspx",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "standard",
     "source": "https://www.qrpayhub.com/en/qr-ph/guide",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "scheme_rule",
     "source": "https://merchantcostconsulting.com/lower-credit-card-processing-fees/visa-interchange-rates/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/philippines/#w5-payment-corridor-dynamics",
   "standing_position": "The Philippines is a major remittance recipient (record ~USD 38.3bn in 2024), with the US the dominant corridor (~41.5%) and Singapore a key ASEAN partner (~6.9%). Cross-border rails include the InstaPay-PayNow linkage with Singapore and ASEAN cross-border QR corridors; regional interoperability projects (BIS Nexus) are in train. OFW remittance settlement is supported by PhilPaSS-REMIT.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "corridor",
     "source": "https://www.lightspark.com/knowledge/instant-payments-philippines",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "corridor",
     "source": "https://www.transfi.com/blog/philippines-payment-rails-how-they-work---from-instapay-pesonet-to-gcash-maya-real-time-transfers",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "settlement_system",
     "source": "http://www.emeap.org/wp-content/uploads/2016/06/Paymentclearing-and-settlement-systems-in-Philippines.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "corridor",
     "source": "https://hitpayapp.com/blog/accept-instapay-payments-philippines",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/philippines/#w6-industry-structure-commercial-dynamics",
   "standing_position": "The market is dominated by two non-bank super-app wallets — GCash (Mynt; ~94m registered users) and Maya (PLDT-backed; ~50m+ users, with a digital bank licence) — alongside traditional banks (BDO, BPI, Metrobank, Landbank, UnionBank). As of mid-2025 there were ~305 registered OPS spanning banks and non-banks. Digital payments crossed ~57% of retail volume in the 2024 measurement.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "market_structure",
     "source": "https://multilaw.com/Multilaw/ZENTSO/BusinessGuides/Presentation/Section_Home.aspx?GuideId=2&GuideCountry=Philippines&GuideSection=397",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market_structure",
     "source": "https://www.qrpayhub.com/en/qr-ph/guide",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market_structure",
     "source": "https://www.transfi.com/blog/philippines-payment-rails-how-they-work---from-instapay-pesonet-to-gcash-maya-real-time-transfers",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "register",
     "source": "https://www.bsp.gov.ph/paymentandsettlement/cor.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/philippines/#w7-legal-litigation",
   "standing_position": "Enforcement is primarily administrative/supervisory by the BSP rather than landmark court litigation. Recent notable actions include the August 2025 BSP directive (Memorandum M-2025-029) ordering GCash and Maya to sever links to online gambling platforms, and the proposed 2025 penalty framework for payment-data reporting lapses. RA 11127 carries criminal penalties (fines and imprisonment) for willful violations and unauthorised operation.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "enforcement_action",
     "source": "https://www.technobaboy.com/2025/08/18/gcash-and-maya-remove-gaming-access-after-bsp-directive-no-mention-of-gambling-in-advisories/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "statute",
     "source": "https://docs.congress.hrep.online/legisdocs/basic_20/HB06002.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "rule",
     "source": "https://morb.bsp.gov.ph/348-supervisory-enforcement-actions-2/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "circular",
     "source": "https://www.bsp.gov.ph/Regulations/Issuances/2023/1166.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/philippines/#w8-merchant-acquiring-risk",
   "standing_position": "Merchant acquiring is brought into the BSP perimeter via the Merchant Acquisition License (MAL) under the NPSA/MORPS framework: OPS engaged in merchant payment acceptance activities (MPAA) must apply to the BSP, with two fee categories keyed to monthly value of funds collected for merchants. Card-based acquiring follows scheme dispute/chargeback rules; push-based QR Ph/InstaPay acceptance structurally eliminates chargeback exposure.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "license",
     "source": "https://multilaw.com/Multilaw/ZENTSO/BusinessGuides/Presentation/Section_Home.aspx?GuideId=2&GuideCountry=Philippines&GuideSection=397",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "license",
     "source": "https://www.bsp.gov.ph/SitePages/PaymentsAndSettlements/PaymentsAndSettlements.aspx",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "operations",
     "source": "https://hitpayapp.com/blog/accept-instapay-payments-philippines",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/philippines/#w9-product-innovation-market-development",
   "standing_position": "Innovation is led by the NRPS build-out (InstaPay real-time up to PHP50,000; PESONet batch), the national QR Ph standard, the Digital Payments Transformation Roadmap, open-finance tiering, and the wholesale CBDC pilot. BSP operates a Test-and-Learn / Regulatory Sandbox framework for novel models, and the SEC runs the PhiliFinTech Innovation Office and StratBox sandbox for CASPs. Digital payments crossed the BSP's 50%-of-retail target.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "rail",
     "source": "https://www.philpayments.org.ph/aboutus",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "sandbox",
     "source": "https://coingeek.com/ph-laws-govt-support-drive-blockchain-adoption-report/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "sandbox",
     "source": "https://www.tookitaki.com/blog/what-you-need-to-know-to-secure-an-emi-license-in-the-philippines",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market_development",
     "source": "https://2c2p.com/articles/philippines-payment-methods/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/philippines/#w10-consumer-protection-app-fraud",
   "standing_position": "The Anti-Financial Account Scamming Act (RA 12010 / AFASA, 2024) and its implementing circulars (BSP 1213-1215, 2025) form the core scam/APP-fraud regime: it criminalises money muling, social engineering and economic sabotage, empowers BSP to investigate accounts and apply for cybercrime warrants, mandates real-time fraud monitoring across institutions and clearing switch operators (InstaPay/PESONet), permits a 30-day hold on disputed funds, and provides a safe-harbour/restitution framework with victim reimbursement where institutional lapses contributed. Consumer redress also runs through RA 11765 and the BSP Consumer Account Protection Office.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "statute",
     "source": "https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/97690",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "circular",
     "source": "https://elegal.ph/bsp-issues-implementing-rules-for-the-anti-financial-account-scamming-act/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "circular",
     "source": "https://www.symphonyai.com/resources/blog/financial-services/the-philippines-reducing-fraud-scams-afasa/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "circular",
     "source": "https://www.tookitaki.com/blog/afasa-anti-financial-account-scamming-act-philippines",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "rule",
     "source": "https://www.aureadalaw.com/post/understanding-the-anti-financial-account-scamming-act-afasa",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/philippines/#w11-aml-cft-financial-crime",
   "standing_position": "sentinel.position: The Philippines exited the FATF grey list in February 2025 after completing its 18-point action plan, supervised by the AMLC with the BSP. The AML regime rests on the Anti-Money Laundering Act (RA 9160 as amended) and the Terrorism Financing Prevention and Suppression Act (RA 10168), with the NACS 2023-2027 strategy and the NACC coordinating body. Payments-context impact: the exit is expected to lower cross-border transaction cost and friction and prompt foreign banks to review/resume Philippine correspondent relationships.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "sentinel.assessment",
     "source": "https://www.tookitaki.com/compliance-hub/the-philippines-after-fatf-grey-list-exit-what-it-means-for-financial-institutions-and-compliance",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "AML/CFT regime rests on the Anti-Money Laundering Act (AMLA, amended 2021), Terrorism Financing Prevention and Suppression Act, and BSP Circular 1108 governing VASPs. AMLC is the central FIU/AML authority; SEC administers a beneficial-ownership disclosure regime. Following FATF grey-listing in 2021, an 18-point action plan and NACS 2023-2027 strategy drove reforms culminating in FATF, EU and aligned delisting in 2025, though POGO-linked scam-compound infrastructure and residual illegal operators persist.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — Philippines",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: sourcing-thinness",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Enforcement: PAOCC, DOJ, UNODC — POGO-linked scam operators and criminal syndicates",
     "instrument_type": "enforcement_action",
     "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-005)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Gap: capacity-deficit",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/philippines/#w12-correspondent-banking-settlement-access",
   "standing_position": "Settlement access centres on PhilPaSSplus, the sole Peso RTGS owned/operated by the BSP under the NPSA, with participants comprising banks, NBFIs with quasi-banking functions, non-bank EMIs and government agencies (plus sponsored participants and interlinked FMIs). The system adopted ISO 20022 and is a designated SIPS. Correspondent-banking access has been pressured by de-risking; the FATF grey-list exit is expected to ease the resumption of foreign correspondent relationships.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "settlement_system",
     "source": "https://www.bsp.gov.ph/Pages/PAYMENTS%20AND%20SETTLEMENTS/PhilPaSS/PhilPaSS-Overview.aspx",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "settlement_system",
     "source": "https://www.swift.com/news-events/news/iso-20022-bytes-transformation-philippines-new-resources-and-more",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "rule",
     "source": "https://www.ocamposuralvo.com/2022/12/28/bsp-released-peso-real-time-gross-settlement-rtgs-rules/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "assessment",
     "source": "https://www.philstar.com/headlines/2025/02/23/2423493/philippines-exits-fatf-money-laundering-gray-list",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/philippines/#w13-commercial-intelligence-fintech",
   "standing_position": "Trailing-12-month commercial activity is dominated by the prospective fintech IPOs of GCash (Mynt) and Maya. In June 2026 Mynt's board authorised filing a registration statement with the SEC and a PSE listing application (offer ~12% of post-IPO capital), with an ~USD8bn valuation discussed; Maya (PLDT/KKR/Tencent/IFC-backed) is targeting a USD500m-1bn dual PSE/Nasdaq listing penciled for H2 2026. Maya posted its first profitable full year (₱1.7bn net income in 2025).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "ipo",
     "source": "https://www.philstar.com/business/2026/06/22/2536836/cash-or-withdraw-avoiding-clash-gcashs-mega-ipo",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "ipo",
     "source": "https://mb.com.ph/2026/06/23/with-gcash-and-vitro-ipos-will-investors-still-have-appetite-for-maya-this-year",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "results",
     "source": "https://digitalinasia.com/gcash-vs-paymaya-vs-maya/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "investment",
     "source": "https://www.rappler.com/business/finterest-gcash-maya-initial-public-offering-2026/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  }
 ]
}