Furthering financial inclusion in the country, RCBC trailblazes the digital transformation journey of tricycle drivers and market vendors during the Digital Financial Literacy Briefing led by the Bangko Sentral ng Pilipinas (BSP) held at Pepe Subdivision, Cabanatuan City. The financial literacy briefing showcases the features and benefits of using digital finance in their enterprises. Both drivers and vendors were immersed …
Read More »Banking & Finance
Bank Lending Grew by 13.7 Percent, Year-on-Year, in November
Preliminary data show that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, grew by 13.7 percent year-on-year in November from 13.9 percent in October. On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, rose by 0.3 percent. Outstanding loans to residents, net of RRPs, went up …
Read More »BSP STATEMENT
The BSP is closely coordinating with BPI in relation to the double debit transaction incident affecting BPI accountholders. The Bank already identified the root cause of the operational error and committed to reverse the erroneous transactions and restore mobile and internet banking services the soonest possible. The BSP has instructed BPI to submit a timeline and updates on the reversal …
Read More »Coins.ph granted EPFS license by BSP
Coins.ph announced that the Bangko Sentral ng Pilipinas (BSP) has granted it an Advanced Electronic Payment and Financial Services (EPFS) license covering the operation of the Coins Pro exchange. The said license is a key enabler for Coins Pro. Coins Pro users can buy and sell digital currencies at larger volumes and for lower fees. Users can place market, limit, …
Read More »Monetary Board Raises Policy Rate by 50 Basis Points
At its meeting on monetary policy today, the Monetary Board decided to raise the interest rate on the BSP’s overnight reverse repurchase facility by 50 basis points to 5.5 percent, effective 16 December 2022. Accordingly, the interest rates on the overnight deposit and lending facilities will be set to 5.0 percent and 6.0 percent, respectively. The BSP’s latest baseline forecasts …
Read More »RCBC NegosyanTech empowers micro, small entreps to accept all digital payments
Rizal Commercial Banking Corporation (RCBC) has rolled out its NegosyanTech digital payments service for micro and small entrepreneurs enabling vendors to accept any payments from banks and e-wallets through its interoperable QRph code. The RCBC NegosyanTech Lahat Pwede QRph was launched at Bankerohan public market in Davao City in partnership with the Bangko Sentral ng Pilipinas (BSP) and the Department …
Read More »BSP issues implementing rules for financial consumer protection act
The Bangko Sentral ng Pilipinas (BSP) issued Circular No. 1160 dated 28 November 2022 to implement Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act (FCPA) in line with its broader efforts to promote the welfare of financial consumers. “The Circular is expected to bolster the BSP’s longstanding initiatives to protect the interest of consumers who …
Read More »Philippine economy remains resilient – BSP
The Bangko Sentral ng Pilipinas (BSP) underscored the resilience of the Philippine economy after its gross domestic product (GDP) grew by 7.6 percent during the third quarter of 2022. “The robust expansion recorded for Q3 2022 places the Philippines in a strong position to meet its target GDP growth rate of 6.5 to 7.5 percent this year,” said BSP Governor …
Read More »LANDBANK-funded ‘Cocohub’ boosts Cebu farmers’ income
When Super Typhoon “Yolanda” devastated parts of the country in 2013, coconut farmers from this town struggled with lower productivity and income. They were left with damaged coconut farms, making it even harder to earn a living for their families. This dire situation pushed the Lamac Multi-Purpose Cooperative (LMPC) to support its farmer-members by establishing a production center for diverse …
Read More »RCBC DiskarTech launches 6.5 percent savings interest rate; 12% cashback
Yuchengco-led Rizal Commercial Banking Corporation (RCBC)’s DiskarTech, the country’s first multi-lingual financial inclusion mobile app in Taglish and Cebuano, launches 6.5 percent annual savings interest rate to further onboard more Filipinos into the formal banking system this holiday season. Users of the internationally-recognized RCBC DiskarTech app will enjoy higher savings interest at 6.5 percent from 3.25 percent, from December 1, …
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