At its recent meeting on monetary policy, the Philippine Monetary Board decided to keep the Bangko Sentral ng Pilipinas (BSP)’s Target Reverse Repurchase (RRP) Rate unchanged at 6.50 percent. Accordingly, the interest rates on the overnight deposit and lending facilities will be maintained at 6.0 percent and 7.0 percent, respectively. IMAGE CREDIT: https://www.outsourceasia.org/ The latest […]
The Bangko Sentral ng Pilipinas (BSP) today kicks off the 2023 Financial Education (Fin-Ed) Stakeholders Congress, themed “Unlocking Financial Freedom through Holistic Financial Empowerment,” at the SMX Convention Center in Pasay City. BSP Deputy Governor Bernadette Romulo-Puyat urges Fin-Ed stakeholders to move toward a future where financial empowerment is within everyone’s reach. “Together, we have […]
The Bangko Sentral ng Pilipinas (BSP) joined the celebration of the 34th National Statistics Month (NSM) last October by conducting an online public information campaign on the economic, monetary, and financial statistics it produces regularly. With the theme “Accelerating Progress: Promoting Data and Statistics for Healthy Philippines,” this year’s National Statistics Month emphasized the importance […]
The Islamic Banking and Finance (IBF) Core Team of the Bangko Sentral ng Pilipinas (BSP) was recently named regional winner of the Presidential Lingkod Bayan Group Award for their work in developing Islamic finance in the country. The group’s efforts have strengthened stakeholder engagement and inter-agency cooperation, implemented key regulations and built capacities to support […]
Earlier this week, a Memorandum of Agreement for the “Cashless Expo 2023,” the first of its type in the Philippines, was signed between the Bangko Sentral ng Pilipinas (BSP) and the Department of Trade and Industry (DTI). Once formed, the first-ever “Cashless Expo” is anticipated to allow more micro, small, and medium-sized enterprises (MSMEs) to […]
The Bangko Sentral ng Pilipinas (BSP) and the Cooperative Development Authority (CDA) recently signed a Memorandum of Agreement (MOA) on the collaborative oversight and supervision of cooperatives that are electronic money issuers and operators of payment systems, including those that deploy ATMs. The CDA is mandated by law to promote the viability and growth of cooperatives […]
The Bangko Sentral ng Pilipinas (BSP) is encouraging Filipinos who have accumulated idle coins to convert them into e-wallet credits or shopping vouchers by using the Coin Deposit Machines (CoDM) installed at select shopping malls throughout the country. A CoDM user prepares to deposit his coins in the CoDM located at the SM Mall of […]
In response to growing demand, the Bangko Sentral ng Pilipinas (BSP) has deployed 15 additional coin deposit machines (CoDMs) in the last few weeks, bringing the total number of units available across the Greater Manila Area to 25. The first CoDMS was launched last June, and so far, the highest single transaction recorded among the […]
More rural banks in the Philippines are now consolidating their operations in response to the Bangko Sentral ng Pilipinas (BSP)’s efforts to enhance the risk management of small banks and strengthen the financial health of the sector. Facade shot of the BSP office in Manila (IMAGE CREDIT: www.bsp.gov.ph) This was the general assessment made by […]
To restore the profitability of banks and guarantee business continuity, the Bangko Sentral ng Pilipinas (BSP) has recently advised mid-sized banks to create and submit their recovery frameworks against high-stress scenarios. Facade shot of the BSP building in Manila (IMAGE CREDIT: www.bsp.gov.ph) Speaking during the 2023 annual convention of the Chamber of Thrift Banks (CTB), […]
