With banking organizations increasingly using the Internet to interact with customers, business partners, and service providers, concerns about the use of the Internet as a communication and delivery channel have resulted in the need for and use of more-sophisticated control mechanisms, such as enterprise-wide firewall protections, multifactor authentication schemes, and virtual private-network connections.
The domestic capital market remains shallow and underdeveloped. In response, the BSP has issued various circulars diversifying the financial products available in the capital market. traded papers like unsecured subordinated debts (as Tier 2 supplementary capital), long-term negotiable certificates of deposits or LTNCDs, documented repos, and securitization structures create market-oriented opportunities for banks and other players and deepen the capital market.