Economy / Banking

Bangko Sentral backs digitalization of microfinance institutions

Robie de Guzman   •   December 3, 2021

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Friday expressed its commitment to help the country’s microfinance institutions (MFI) to move forward in their digitalization journey. In a...

Bangko Sentral closes application for new non-bank e-money issuers

Robie de Guzman   •   December 2, 2021

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Thursday announced it is closing for two years the applications for new non-bank electronic money issuers (EMI). In a statement,...

Bangko Sentral eyes offline digital payments to boost financial inclusion in off-grid areas

Robie de Guzman   •   November 30, 2021

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Tuesday said it is eyeing offline digital payment solutions to enable transactions without the need for internet connection. In a...

P3B revenues collected from pork imports under reduced tariff, increased MAV system

Robie de Guzman   •   November 23, 2021

MANILA, Philippines – The Bureau of Customs (BOC) has posted collections amounting to P3 billion from swine meat imports under a reduced tariff system, the Department of Finance (DOF) said....

BSP urges public to use digital money for cash gifts

Robie de Guzman   •   November 22, 2021

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Monday called on the public to use their digital wallets when sending cash gifts this holiday season. ​The BSP said...

Suspension of fuel excise tax ‘detrimental’ to PH economic recovery – DOF

Robie de Guzman   •   November 15, 2021

MANILA, Philippines – The proposed suspension of excise taxes amid rising fuel prices will be inequitable and will threaten the country’s recovery and growth prospects, the Department of Finance (DOF)...

P50 million worth of smuggled onions seized in Misamis Oriental – BOC

Robie de Guzman   •   November 10, 2021

At least 18 containers of smuggled red onions were seized at Mindanao Container Terminal Sub-Port in Tagoloan town in Misamis Oriental, the Bureau of Customs (BOC) said. In a statement,...

Nat’l ID sufficient proof of identity in opening bank accounts – BSP

Robie de Guzman   •   November 9, 2021

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Tuesday reminded financial institutions that the Philippine Identification System (PhilSys) or national ID is considered sufficient proof of identity to...

PH to re-deploy OFWs after South Korea lifts restrictions – DOLE

Robie de Guzman   •   November 8, 2021

MANILA, Philippines – Overseas Filipino workers will soon be re-deployed to South Korea after entry restrictions into the country have been lifted, the Department of Labor and Employment (DOLE) said....

PSA: Inflation eased at 4.6% in October

Maris Federez   •   November 5, 2021

MANILA, Philippines —  The country’s headline inflation decelerated in October 2021, registering decreasing prices of basic goods and services, the Philippine Statistics Authority (PSA) announced Friday, November 5. The PSA,...

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