The Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, has indicated that it is open to granting more than four new fully digital bank licences in 2025. 

Earlier in August, the central bank announced it would grant up to four new digital bank licences in the country. However, earlier this week, deputy governor for financial supervision Chuchi Fonacier told local reporters that the monetary board of the BSP could grant more than the four, subject to approval. 

“It will be up to the Monetary Board if it will go beyond the four,” Fonacier says, adding that the BSP will assess applications as they come in, while also evaluating existing lenders who are doing “digital bank-like operations”.

The BSP is looking for applicants, Fonacier stresses, that can offer Philippine consumers something new, saying that whether the BSP grants more than four licences will depend on whether applicants have “a good value proposition”.

Earlier in August, BSP governor Eli Remolona said digital bank applicants would be subject to a “rigorous licensing process that will look into their value proposition, business models and resources capabilities.

”We want to see unique product and service offerings that are different from that offered by the existing market players. These offerings should have significant potential to reach a broader clientele, particularly the untapped or underserved market segments.”