Bangko Sentral ng Pilipinas: coverage, rules and key facts

The central bank of the Philippines. Its Circular No. 1213 bars SMS and email one-time passcodes for high-risk transactions from June 25, 2026.

Coverage

Explainer · Authentication & MFA

SMS one-time passcodes are “restricted” under NIST’s new guidelines. Here’s what that means for US banks

Revision 4 keeps SMS codes on the permitted list, with strings attached, and adds synced passkeys as a phishing-resistant alternative. The strings read like a migration plan.

[Editor Name] · Sep 24, 2026

News · APAC & Gulf

Inside BSP Circular 1213, the Philippines’ OTP rule

From June 25, 2026, banks and e-money issuers in the Philippines can no longer rely on SMS or email one-time passcodes for high-risk transactions.

[Editor Name] · Jun 26, 2026