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News and Events

Over 8 of 10 Small Banks, Micro Lenders, Co-Ops in PH are Not Ready to Go Digital

FINTQ's latest Inclusive Digital Finance Report found many are not willing to invest in technology

At the launch of the Road to 20 by 2020 campaign last October 18. From left: Microfinance Council of the Philippines President and CEO Fr. Jose Victor Lobrigo, Rural Bankers Association of the Philippines President Armando Bonifacio, Chamber of Thrift Banks Trustee ...

by Lorenzo Kyle Subido  | October 22, 2018 10:00:00
Business Ideas

How a Bitcoin Pioneer in PH Survived the Vagaries of the Cryptocurrency Market

Meet the founders of one of the first blockchain technology companies in the Philippines

When John Bailon first heard about Bitcoin, he thought it was a scam.“When I downloaded the software, I ran it, [and] it crashed on my computer,” he told Entrepreneur Philippines during an interview last April.  “I said, this must be a scam. That was maybe ...

by Lorenzo Kyle Subido  | October 15, 2018 09:00:00
News and Events

1 in 5 Grab PH Rides No Longer Paid With Cash as E-Money Users Double Per Quarter

After securing electronic money license, TNC expands use of GrabPay from rides to e-commerce

From left: Sharon Roessen, managing director of Terrapinn, the organizer of Seamless Philippines 2018; and Ooi Huey Tyng, managing director of GrabPay in Malaysia, Singapore and the PhilippinesAfter securing the No. 1 position in the ride-hailing market in the country following the ...

by Lorenzo Kyle Subido  | October 01, 2018 09:00:00
News and Events

BSP Just Raised its Policy Rate. Will It Also Increase the Cost of Your Credit Card Loans?

The central bank's efforts to fight rising inflation also mean higher bank lending rates

The Bangko Sentral ng Pilipinas (BSP) raised its policy rates anew by 50 basis points, bringing the overnight reverse repurchase (RRP) rates, the cost at which it borrows from banks for a day, to 4.5 percent starting September 28, Friday. This comes ...

by Pauline Macaraeg  | September 27, 2018 06:00:00
Run & Grow

How TrueMoney PH Grew from Zero to 18,000 Financial Centers in Two Years

The fintech startup has already surpassed the networks of the country's largest banks and pawnshops

TrueMoney’s main business involves enabling small enterprises such as sari-sari stores, beauty salons and internet cafés to offer financial services on top of their existing businessesThe Bangko Sentral ng Pilipinas (BSP) readily recognizes the role of financial technology (fintech) as a keystone ...

by Lorenzo Kyle Subido  | September 27, 2018 08:00:00
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
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