LEGAL UPDATES

Monday, July 27, 2026

The Philippine digital banking space is heating up — and the competition is only getting sharper with MariBank new entrant

The Philippine digital banking space is heating up — and the competition is only getting sharper with MariBank new entrant

As of July 2026, the Bangko Sentral ng Pilipinas (BSP) has licensed seven digital banks, with a hard cap of 10. That leaves three remaining slots under the current ceiling.

Current players
• Maya Bank
• GoTyme Bank
• Tonik Digital Bank
• UNO Digital Bank
• UnionDigital Bank
• Overseas Filipino Bank (Land Bank’s digital arm)
• MariBank (the newest entrant — converted from a rural bank license and began operating as a full digital bank on 18 July 2026)

MariBank’s approval marks the first of the additional licenses the BSP opened after lifting its earlier moratorium. Three other applications that were submitted before the November 2025 deadline remain under evaluation.

Why the BSP lifted the moratorium
In 2021 the BSP froze new digital bank applications so it could closely monitor the first wave of players. After assessing their financial soundness and contribution to financial inclusion and digital transformation, the Monetary Board decided in 2024 to lift the moratorium effective 1 January 2025. The goal was clear: encourage new business models, level the playing field between incumbents and new entrants, and accelerate the delivery of digital financial services to unserved and underserved Filipinos — while still keeping the total number manageable at a maximum of 10.

The result? A more competitive market. Existing digital banks are already pushing higher deposit rates, faster onboarding, and more innovative products. With MariBank now in the mix and up to three more licenses potentially on the way, customers stand to benefit from even stronger competition on rates, features, and user experience.

The Philippine digital banking story is no longer just about “potential.” It is becoming a genuine competitive arena — and that is good news for consumers, for financial inclusion, and for the broader financial system.

What stage are you now? Want to get ahead? MariBank gets ahead. Slide a DM for advantage.

#DigitalBanking #FinTechPH #BSP #PhilippineBanking #FinancialInclusion #cgrlaw #Maribank

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Friday, July 24, 2026

Is 100% foreign ownership in Philippine telecommunications really new?

Is 100% foreign ownership in Philippine telecommunications really new?

Not entirely — but the 13th Foreign Investment Negative List (EO 113, effective May 2026) has now locked it in clearly.

Quick timeline:
• Pre-2022: Telecommunications was treated as a public utility → constitutional 40% foreign equity cap.
• March 2022: RA 11659 (amended Public Service Act) reclassified telecoms as a public service (not a public utility). This removed the constitutional barrier and opened the door to 100% foreign ownership, subject to reciprocity.
• 12th FINL (2022): Reflected the liberalization.
• 13th FINL (2026): Explicitly confirms that “operation and management of telecommunications” may be 100% foreign-owned if the investor’s home country grants reciprocal treatment to Filipinos. Without reciprocity, the ceiling is 50%.

So while the legal foundation was laid in 2022, the 13th FINL provides the clearest, most current confirmation in the investment negative list framework.

Does “telecommunications” include internet service providers (ISPs)?

Yes, in most cases. The statutory definition of telecommunications covers the transmission of voice, data, electronic messages, and signals by wire, radio, optical, or other technological means. Broadband and internet access services generally fall under this category (though pure value-added services and passive infrastructure have their own nuances). Recent laws such as the Konektadong Pinoy Act have further reduced barriers for data transmission players.

Practical takeaway for foreign investors and local partners:
The combination of the 2022 Public Service Act amendment and the 2026 FINL creates a more predictable pathway for full foreign ownership in telcos and ISPs — provided reciprocity and licensing requirements are met. National security reviews and sector-specific permits still apply.

This is one of the more meaningful openings in recent years for digital infrastructure investment.

If you’re exploring entry into Philippine telecoms, broadband, or related digital infrastructure, or need a clear assessment of reciprocity and structuring options, feel free to reach out.

#ForeignInvestment #Telecommunications #Philippines #FINL #PublicServiceAct #CGRLAW