th images menu user export search eye clock list list2 arrow-left untitled twitter facebook googleplus instagram cross photos entrep-logo-svg
 
News and Events

How Much Are Banks Charging for Electronic Fund Transfers To Other Financial Institutions?

Fees vary per bank, and some offer the service for free

In a memorandum issued on September 4, the Bangko Sentral ng Pilipinas (BSP) required all financial institutions offering online banking services to introduce options for interbank electronic fund transfers (EFTs) by November 30.This will allow depositors in any Philippine bank or non-banking ...

by Lorenzo Kyle Subido  | September 20, 2018 03:00:00
News and Events

Great News for Online Banking Users: You Can Soon Move Funds Across All Banks Electronically

The BSP has required online banking providers to introduce the new services by end-November

The Bangko Sentral ng Pilipinas (BSP) has required all banks and non-banking financial institutions (NBFIs) that offer online banking services to make interbank electronic fund transfers (EFTs) available to regular depositors by end-November.The move greatly expands the power and usefulness of most ...

by Lorenzo Kyle Subido  | September 17, 2018 10:00:00
News and Events

Guess How Many Filipinos Plan on Buying a House in the Next 12 Months

The figures are relatively steady despite a sharp drop in consumer confidence in 3Q of 2018

Around 9.2 percent of Filipino households say that they intend to purchase a residential unit in the next 12 months, according to the latest Consumer Expectations Survey by the Bangko Sentral ng Pilipinas (BSP) covering the third quarter of 2018.That’s only slightly ...

by Lorenzo Kyle Subido  | September 17, 2018 09:00:00
News and Events

After 2 Years of Optimism, Why Have Consumers Become Pessimistic Again?

The consumer confidence index turned positive only under Duterte. Is that about to change?

The overall consumer confidence index, a measure of Filipinos’ sentiment on how their households are faring financially and economically, fell to -7.1 in the third quarter of 2018 from 3.8 in the previous quarter, according to the Bangko Sentral ng Pilipinas (BSP).That’s ...

by Lorenzo Kyle Subido  | September 12, 2018 10:00:00
News and Events

(Look) Motor Vehicle Loans Sustain Robust Growth Despite Slumping Car Sales

Outstanding vehicle loans rose 18% in July, but car sales for the month fell 24% from a year ago

Passenger and commercial vehicle sales sharply fell by almost a quarter in July compared to the same month last year after higher excise taxes on cars came into effect at the start of the year and fuel prices continued going up.In the ...

by Lorenzo Kyle Subido  | September 11, 2018 09:00:00
News and Events

3 Lessons PH Can Learn from China's Fintech and E-Commerce Revolution

Highlights of a forum on China's fintech and e-commerce ecosystem

Talk about technology and digital innovation in the Philippines and the conversation immediately turns to the country’s status as the selfie or social media capital of the world.Data from social media agency We Are Social show that 63 percent of the population ...

by Lorenzo Kyle Subido  | August 16, 2018 10:00:00
News and Events

BSP Raises Interest Rates Over High Inflation

Analysts say BSP might further raise rates before the end of the year

The Bangko Sentral ng Pilipinas (BSP) raised interest rates by 50 basis points on Thursday, August 9, bringing the reverse repurchase (RRP) facility to four percent.The BSP had earlier raised the benchmark overnight lending rate by 25 basis points in each of ...

by Paul John Caña  | August 09, 2018 06:00:00
News and Events

PH Gov't Fees, Charges and Taxes Will Soon Be Payable Through Digital Means, says BSP

Move is part of monetary regulator's plan to digitize a fifth of the country's transactions by 2020

At a media briefing on the progress of PESONet, an automated clearinghouse under the BSP. From left: John Cary Ong, SVP of UnionBank; Dan Ibarra, managing director of BTI Payments; Justo Ortiz, chairman of Philippine Payments Management Inc.; Nestor Espenilla Jr., governor ...

by Lorenzo Kyle Subido  | August 08, 2018 04:00:00
News and Events

Unsure of Digital Payments? BSP Creates New Unit to Better Regulate Fintech Services

The Financial Technology Sub-Sector is also in charge of rolling out the national payment system

The Bangko Sentral ng Pilipinas (BSP) has created the Financial Technology Sub-Sector (FTSS), a unit in charge of overseeing the BSP’s digital payments programs as well as regulating registered financial institutions that offer electronic products and services.“A new subsector within the Financial ...

by Lorenzo Kyle Subido  | August 06, 2018 09:00:00
News and Events

Only 3% of Filipino Adults Invest in Bonds, Funds and Stocks, Says BSP

Those without investments cite unemployment as the main reason

Attend any financial wellness seminar or read any article on growing wealth, and one of the first concepts promoted is the difference between saving and investing. While saving money allows it to be stored and accessed easily, investing money allows it to ...

by Lorenzo Kyle Subido  | August 02, 2018 08:00:00
News and Events

Freedom from Debt? Filipinos With Loans Plunge to 22.3% in 2017 from 47.1% in 2015

Almost half of borrowers needed the extra money for daily needs while almost a third used it for business

Perhaps it’s because of the improving economy, rising household incomes or fewer borrowing options in light of the government’s crackdown on informal lending schemes.Whatever the reason, the proportion of Filipino adults with outstanding loans more than halved from 2015 to 2017, according ...

by Lorenzo Kyle Subido  | July 16, 2018 06:00:00
News and Events

From Sari-Sari Store ATMs to Blockchain-Powered Remittance: RCBC Displays Knack for Fintech

The country's 10th biggest lender is rolling out several technological firsts in the banking industry

RCBC ePiso is the country’s first digital fiat currency, which clients can use to access financial services without the need to open and maintain a bank account“If you’re talking about financial inclusion, necessarily you have to talk about digital banking.”Those were the introductory ...

by Lorenzo Kyle Subido  | July 16, 2018 09:00:00
News and Events

Mirroring Giant Telcos: Is a Duopoly Emerging in Digital Payments Too?

A BSP study uncovers the electronic money issuers leading the race for consumer awareness

Only 1.3 percent of the country’s adult population, which translates to around 900,000 Filipino adults, have an electronic money (e-money) account, according to the Bangko Sentral ng Pilipinas (BSP).In its 2017 Financial Inclusion Survey, the BSP defines e-money accounts as “a transactional ...

by Lorenzo Kyle Subido  | July 13, 2018 01:00:00
Close