Banking & Finance

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 …

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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 …

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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 …

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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 …

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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 …

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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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Low-risk, affordable investments just a few clicks away with the OFBank Mobile App

The Overseas Filipino Bank (OFBank) is giving Filipinos and their families, here and abroad, a simple and more convenient way to get into investing through its mobile banking app.  In 2020, the country’s first branchless digital-only bank started offering the Bureau of the Treasury’s (BTr) Premyo Bonds2, Retail Treasury Bonds (RTBs) and Retail Dollar Bonds (RDBs), in line with the …

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LANDBANK bags three ADFIAP awards

The Land Bank of the Philippines (LANDBANK) garnered three Merit Awards during the 45th Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Annual Meeting on 26 October 2022 at the Conrad Hotel in Pasay City. “These recognitions from the ADFIAP highlight LANDBANK’s expanded coverage as a development institution. We will continue our efforts to help address climate …

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LANDBANK AgriSenso underscores government support for ARBs, ARBOs

The Land Bank of the Philippines (LANDBANK) gathered small farmers and fishers, agrarian reform beneficiaries (ARBs), and their organizations to discuss the National Government’s development plan towards building sustainable and resilient agrarian reform communities. Department of Agrarian Reform (DAR) Bureau of Agrarian Reform Beneficiaries Development (BARBD) Director Dr. Ronald M. Gareza, CESO IV and LANDBANK Program Management Department I Head, …

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BSP standardizes business loan forms to enhances MSME Credit Access

The Bangko Sentral ng Pilipinas (BSP) has standardized the micro, small, and medium enterprise (MSME) business loan application form of BSP-supervised financial institutions (BSFIs) as part of its broader efforts to enhance the availability of financial products and services and foster greater financial inclusion. BSP Circular No. 1156 issued on 30 September 2022 provides a borrower-centric Standard Business Loan Application …

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