Office of the Governor Circular No. 649, Series of 2009, Bangko Sentral ng Pilipinas

The Act recognizes electronic instruments or devices as pertaining to cash cards, e-wallets, stored value cards and other similar products, and shall not be considered as deposits when issued by banks. Banks and non-banking financial institutions must first apply in accordance with the applicable regulations before it can act as an electronic money issuer (EMI). EMIs are required to maintain a system which contains accurate and complete information of e-money instruments used, the identity of the e-money holders and balances thereof. EMIs have the responsibility to ensure that their agents comply with the Anti-Money Laundering laws and regulations. All EMIs engaged in lending activities must secure a quasi-banking license from the Bangko Sentral ng Pilipinas.