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

CGRLAW & Associates

Unit 2101 and 2111 Cityland 10 Tower 2, H.V. Dela Costa Street, 

Salcedo Village, Bel-Air, Mak​ati City 

3F Salcedo One Centre, 170  Salcedo Street, 

Legaspi Village, Makati City

U302 Capitol Masonic, 35 Matalino Street, 

Diliman, Quezon City

Tel. No. (+63 2) 8277 7239 

             (+63 2) 8985 4322

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email: claude.requino@cgrlaw.ph

website: www.cgrlaw.ph

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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

CGRLAW & Associates

Unit 2101 and 2111 Cityland 10 Tower 2, H.V. Dela Costa Street, 

Salcedo Village, Bel-Air, Mak​ati City 

3F Salcedo One Centre, 170  Salcedo Street, 

Legaspi Village, Makati City

U302 Capitol Masonic, 35 Matalino Street, 

Diliman, Quezon City

Tel. No. (+63 2) 8277 7239 

             (+63 2) 8985 4322

              (+63 918) 948 6092 DL Mobile

           (+1 646) 918 1512. DL US

email: claude.requino@cgrlaw.ph

website: www.cgrlaw.ph

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. You are hereby notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited and may be violative of Cybercrime Prevention Act.

Important SEC Developments: Proposed Reforms to Debt Securities Offerings + Draft Market Making Rules

📢 Important SEC Developments: Proposed Reforms to Debt Securities Offerings + Draft Market Making Rules

The Securities and Exchange Commission (SEC) Philippines has released two key proposals that could meaningfully reshape how companies raise long-term capital and how our markets provide liquidity.

1. Proposed Amendments to Public Offering Rules for Debt Securities
(Amendments to the 2015 Implementing Rules and Regulations of the Securities Regulation Code)

What it’s about:
The SEC is moving away from a one-size-fits-all (largely equity-oriented) approach toward a more proportionate, debt-specific regime:

• Tailored disclosure focused on creditworthiness, ability to service and repay debt, and information most relevant to bondholders.
• Simplified framework for Debt-Only Issuers (DOIs) and eligible mid-market companies — including ready-made templates, shorter documents, and reduced financial statement requirements.
• Introduction of a Medium-Term Note (MTN) Program — register the program once and conduct multiple bond issuances over up to 5 years with streamlined subsequent filings.
• Modernized procedures (online notices instead of print, clearer rules on mid-offering updates).

Goal: Lower compliance costs and speed up access to long-term debt financing while preserving strong investor protection.

2. Draft SEC Rules on Market Making

What it’s about:
A formal regulatory framework to institutionalize market making on Philippine exchanges, aimed at boosting liquidity, tightening spreads, and improving price discovery.

Key elements include:
• Only SEC-licensed exchange trading participants may act as market makers.
• Eligibility: Minimum ₱100 million unimpaired paid-up capital, proven trading experience, and a valid market-making agreement.
• Continuous two-sided quotations during trading hours, sufficient inventory, and firm/executable quotes.
• Exchanges may offer incentives such as fee concessions and liquidity rebates.

Is this common international practice?
Yes — these proposals align closely with global standards.

Tailored debt offering regimes and MTN/shelf programs are standard in the US, EU, Singapore, and other developed markets because debt securities have distinct risk profiles and investor information needs.

Why this matters

This gives potentially faster and more cost-efficient access to long-term funding via bonds.

These are positive developments for capital formation in the Philippines.
We’re closely tracking these at CGRLAW & Associates given their direct relevance to corporate finance, regulatory compliance, and capital-raising strategies.

What are your thoughts? How might these changes affect your financing plans or investment decisions?

I’d love to hear your views in the comments — or feel free to reach out directly.

#SECPH #CapitalMarkets #DebtSecurities #MarketMaking #CorporateBonds #Liquidity #RegulatoryReform #PhilippineEconomy #Mtn

CGRLAW & Associates

Unit 2101 and 2111 Cityland 10 Tower 2, H.V. Dela Costa Street, 

Salcedo Village, Bel-Air, Mak​ati City 

3F Salcedo One Centre, 170  Salcedo Street, 

Legaspi Village, Makati City

U302 Capitol Masonic, 35 Matalino Street, 

Diliman, Quezon City

Tel. No. (+63 2) 8277 7239 

             (+63 2) 8985 4322

              (+63 918) 948 6092 DL Mobile

           (+1 646) 918 1512. DL US

email: claude.requino@cgrlaw.ph

website: www.cgrlaw.ph

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. You are hereby notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited and may be violative of Cybercrime Prevention Act.