LANDBANK was recognized for its strong support in the circulation and usage of the 1000-Piso polymer banknotes. The state-run Bank was also lauded for its vital role as the distribution arm of the National Government’s social welfare programs, ensuring the timely, safe, and efficient disbursement of cash aid to Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries.
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The Social Security System (SSS) is exploring contributing payment options to help Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries pay the 120 monthly contributions required to qualify for a lifetime pension when they reach retirement age. “It is important for 4Ps beneficiaries to have SSS contributions. Once they have paid at least 120 monthly contributions, they will no longer need financial …
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The Monetary Board approved the continued participation of the Philippines, through the Bangko Sentral ng Pilipinas (BSP), in the Financial Transactions Plan (FTP) of the International Monetary Fund (IMF) for the period August 2024 to January 2025. This means that the country has maintained its net creditor position in the IMF which underscores the country’s sound macroeconomic fundamentals. The Philippines’ …
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Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. (leftmost) and Deputy Governor Bernadette Romulo-Puyat (rightmost) present a plaque of recognition and a special token to Land Bank of the Philippines (LANDBANK) President and CEO Lynette V. Ortiz (center), along with Executive Vice Presidents Liduvino S. Geron (2nd from right) and Leila C. Martin (4th from right), during the …
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Driven by an unwavering commitment to serve fellow Filipinos, GMA Kapuso Foundation (GMAKF) has become a beacon of hope for those affected by alamities and disasters across the Philippines. Over the years, while expanding its focus to include programs in health and education, GMAKF has remained steadfast in its core mission: providing immediate relief and assistance to those in need …
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By Rose de la Cruz Finance Secretary Ralph Recto, who sits as chair of the Maharlika Investment Corp., the new sovereign wealth of the country, is not convinced that officials and technical staff must be getting an unusually high salary. Instead he proposed that such compensation should be ‘result oriented and performance-based’ rather than atrociously high. This, considering that MIC …
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The Monetary Board has approved the lifting of the moratorium on the grant of new digital banking licenses starting 01 January 2025 and allowed a maximum of ten (10) digital banks to operate in the country. The grant of new digital bank licenses, which include the conversion of an existing bank’s license to digital bank license, aims to continuously harness …
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The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved amended guidelines on the “Settlement of Electronic Payments under the National Retail Payment System (NRPS) Framework” as part of ongoing efforts to ensure integrity and efficiency of the payment system. Issued under Circular No. 1196 on 27 June 2024, the revised guidelines provide operational flexibility to Automated Clearing …
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The Government Service Insurance System (GSIS) has set aside P18.5 billion in emergency loans to assist 864,089 members and pensioners affected by Tropical Storm Carina and the southwest monsoon (Habagat) in Batangas, Rizal, and the National Capital Region (NCR). These regions have been declared calamity areas. Members and pensioners may apply for the loan from July 26 to October 28, …
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By Rose de la Cruz The Bangko Sentral ng Pilipinas said it is on track with the study and testing of its central bank digital currency– the first in the world– which it estimates to be ready for adoption in late 2029. “We’re already about to conclude proof of concept. This is an innovative payment instrument. In fact, there’s no …
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The Market Monitor Minding the Nation's Business