Banking & Finance

To ramp-up support for public utility vehicle (PUV) drivers amid rising fuel prices, the Land Bank of the Philippines (LANDBANK) and the Land Transportation Franchising and Regulatory Board (LTFRB) started distributing fuel subsidy worth P1,000 each to qualified tricycle drivers in the National Capital Region (NCR) and Regions I and III, on 10 January 2023. In partnership with the Department …

As more Filipinos continue to make the shift to online banking and digital payments amid the post- pandemic era, cybercriminals are on the rise to take advantage of human and system vulnerabilities. According to Bangko Sentral ng Pilipinas’ (BSP) 2021 cyber threats surveillance, the top three types of cyber incidents reported by its supervised financial institutions (BSFIs) were: phishing, “card …

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 …

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 …

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 …

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, …

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 …

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 …

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 …

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 …