According to a survey conducted by Bangko Sentral ng Pilipinas (BSP), banks in the Philippines are expected to either uphold or enhance their loan standards for both businesses and consumers. IMAGE CREDIT: https://doingbusinessinthephilippines.com/ The report by the Philippine Central Bank further reveals that 86.3% of banks and lending institutions maintained their loan standards for firms, […]
Last April 23, 2024, the Province of Ilocos Sur and the City of Vigan inaugurated the Paleng-QR Ph Plus initiative in separate events. The aim was to promote the adoption of convenient digital payments across public markets, public transportation, and businesses. Led by Ilocos Sur Governor Jeremias “Jerry” C. Singson and Vigan City Mayor Jose […]
Money changer NIKKO has reportedly committed “serious violations” of money laundering laws The Bangko Sentral ng Pilipinas (BSP) has taken decisive action against another unscrupulous money changer as part of its ongoing crackdown on illicit money service businesses (MSBs). IMAGE CREDIT: https://twitter.com/NIKKO In a circular letter issued by BSP Deputy Governor Chuchi Fonacier, it was announced that […]
Last April 12, the City of Antipolo in Rizal introduced the Paleng-QR Ph Plus program to promote digital payments in its public markets, public transportation, and business establishments. The launching ceremony, held at the City Mall of Antipolo, was led by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Bernadette Romulo-Puyat and former Antipolo City Mayor […]
by the IDfy Team In 2023, the Philippines Open Finance Pilot was initiated and was considered a significant development for the Fintech sector in the Philippines. This groundbreaking project, spanning an 18-month trial period, aimed to explore advanced functionalities such as account consolidation and credit analysis. The initiative also brought together financial institutions and third-party […]
Zed, a digital bank based in the Philippines, is reshaping the credit card landscape with its groundbreaking offering: a Mastercard credit card that comes free of interest and annual fees. This innovative credit card is poised to eliminate several common charges, including foreign transaction fees, interest, and annual fees, potentially ushering in a new era […]
The Bangko Sentral ng Pilipinas (BSP) has recently issued a warning regarding a company offering “cloud mining machines,” emphasizing that its operations are beyond the BSP’s regulatory scope. Cloud mining machines (IMAGE CREDIT: https://www.investopedia.com/) Cloud mining enables individuals to lease processing power from remote data centers for cryptocurrency mining without the need to manage physical […]
The Philippine Monetary Board, at its meeting earlier this week, has decided to retain the Bangko Sentral ng Pilipinas (BSP)’s Target Reverse Repurchase (RRP) rate at 6.5 per cent. Thus, the interest rates on the overnight deposit and lending facilities shall remain at 6 and 7 per cent, respectively. IMAGE CREDIT: https://www.facebook.com/photo/?fbid=790097026486140&set=a.224721136357068 According to the […]
In its latest report, the Bangko Sentral ng Pilipinas (BSP) announced that preliminary data on the country’s net International Investment Position (IIP) had indicated a net liability position of US$51.3 billion by the end of December 2023, higher by 8.1 per cent than the US$47.5 billion recorded by the end of September this year. IMAGE […]
If you are a PESONet or InstaPay user, and you are worried about its availability during the Holy Week celebration, then fret no more because the Bangko Sentral ng Pilipinas (BSP) has got you covered. In an advisory posted on its website earlier today, the BSP has once again reminded BSP-Supervised Financial Institutions (BSFIs) offering […]
