As this progresses, it will become a strategic solution to drive digital transformation since banks and non-banks will be driven to provide more customer-focused products and services. Ongoing Amendments to VCE and EMI Framework Lastly, the accelerated growth on the use of EMIs and VCEs has driven the BSP to amend BSP Circular No. 649 and BSP Circular No.
944, respectively, to be aligned with the fintech industry’s best practices. As such, updates to BSP Circular No. 649 is currently ongoing, while the amendments for BSP Circular No. 944 is in its final phase.