Banking & Finance

Buy a Malayan Travel Master conveniently on the GCash app

With more Filipinos pushing through with their overseas and inbound travel plans, there has been a significant need for travel insurance policies that cover both trip cancellations and medical requirements. This demand has prompted Malayan Insurance Co. Inc. to partner with GCash in offering their Travel Master insurance policy through the GInsure platform. Through the partnership, would-be travelers can easily …

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LANDBANK makes ‘ayuda’ claiming easier for 3.4-M pensioners

Social pensioners can now conveniently receive their cash grants and perform other banking transactions, as the Land Bank of the Philippines (LANDBANK) continues to ramp up the distribution of Prepaid Cards to vulnerable sectors. Lucy Cabalan can now conveniently receive cash grants and perform other banking transactions, such as cashless purchases and online fund transfers, by using the LANDBANK Prepaid …

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BSP defaces coins ‘Unfit for Circulation’

To maintain the integrity of Philippine currency, the Bangko Sentral ng Pilipinas (BSP) retired 519.93 metric tons of unfit, demonetized, mutilated, and counterfeit (UDMC) coins through defacement. The defacement process was undertaken beginning October 2021 until September 2022. Coin defacement, done via machine, involves a process that alters the surfaces of coins to prevent them from being recirculated. The defaced coins may then be recycled into …

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BSP UNDERSCORES NEED TO SMOOTHEN FX MOVEMENTS

Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla underscored the need to smoothen movements in the foreign exchange (FX) rate during the “The Asset 17th Philippine Summit” held recently in Taguig City. “You got to come in and reduce the volatility,” explained Governor Medalla, who highlighted that BSP’s participation in the market centers on promoting FX rate stability and the country’s …

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BSP continues to safeguard price stability amid challenging times

In various meetings held in Washington, D.C., USA, Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla (in photo, center) said that the BSP is focused on bringing inflation back to a target-consistent path, in line with its core mandate of price stability. The meetings were held at the sidelines of the International Monetary Fund (IMF) and World Bank Group …

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More LANDBANK customers can transact from 7-Eleven ATMs sans service fees

Prepaid cardholders of the Land Bank of the Philippines (LANDBANK) can now transact for free from ATMs in selected 7-Eleven convenience stores.   In addition to holders of LANDBANK Regular ATM Cards and Debit Cards, customers can also use their LANDBANK Prepaid Cards to perform cash withdrawal and balance inquiry free-of-charge in 1,980 7-Eleven ATMs in Metro Manila, CALABARZON, Pampanga, Bataan …

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New LANDBANK accounts go full digital

The Land Bank of the Philippines (LANDBANK) announced that all new customers applying for a LANDBANK deposit account shall be provided a cardless account, effective 04 October 2022.  New account holders will be enrolled in the LANDBANK iAccess and Mobile Banking App (MBA), and will benefit from having convenient access to digital banking services, including inter-bank transactions via InstaPay and …

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LANDBANK, DA ramp-up ‘ayuda’ delivery to rice farmers

In partnership with the Department of Agriculture (DA), the Land Bank of the Philippines (LANDBANK) continues to ramp up the distribution of cash grants to farmer-beneficiaries under the Rice Competitiveness Enhancement Fund – Rice Farmers Financial Assistance (RCEF-RFFA) Program.  As of 30 September 2022, LANDBANK has produced Intervention Monitoring Cards (IMCs) for 54,188 beneficiaries nationwide, of which 26,523 hail from …

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Court convicts officers of closed RB Magsingal in Ilocos Sur

The Regional Trial Court (RTC) of Cabugao, Ilocos Sur (Branch 24) convicted former officers of the now closed Rural Bank of Magsingal, Inc. (RB Magsingal) for violation of Republic Act (RA) No. 8791 (The General Banking Law of 2000), in relation to RA No. 7653, as amended (The New Central Bank Act), and the Manual of Regulations for Banks (MORB) issued by the Bangko Sentral ng Pilipinas (BSP). RTC …

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BSP complements bank regulation with digitalization initiatives

Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla  (above) said banking regulations are accompanied by initiatives that  support the country’s shift from a cash-heavy to a cash-lite economy. During  a recent conference by “The Asian Banker,” the Governor explained that the  BSP is pursuing these initiatives under its Digital Payments Transformation  Roadmap. The Roadmap aims to digitalize at least …

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