Policies Under the Trust Business Model Initiative To further the development of the industry, the BSP continues to enhance its regulatory framework for trust entities under the Trust Business Model Initiative. Through the regulatory reforms, which are set to be rolled out in phases, the BSP seeks to emphasize the importance of good governance, effective risk management, and strong consumer protection.
The first phase of the Trust Business Model Initiative was rolled out in early 2021, with the amendments to investment management regulations. Circular No. 1109 reduced the minimum amount for opening an investment management account (IMA) and the required investment of each IMA in a commingled account.