The Bango Sentral ng Pilipinas (BSP) is keeping an eye on activities such crowdfunding and peer-to-peer (P2P) lending and could issue regulations governing such if needed. We are currently monitoring industry developments on crowdfunding and peer-to-peer lending,” central bank Governor Nestor Espenilla Jr. said. Increased online activities have also boosted P2P lending, a method of debt financing where individuals or companies borrow and lend money without the use of an official financial institution as an intermediary. Since the crowdfunding industry is still nascent in the Philippines, Espenilla said it may be not yet be the time to issue regulations. “But we continue to monitor the crowdfunding industry and we’ll take regulatory action when the time comes when necessary,” he said.
Source: Manila Times August 21, 2017 17:04 UTC