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BSP: More Filipinos now with basic deposit accounts
The Bangko Sentral ng Pilipinas on Friday said more Filipinos now have bank accounts as the country’s number of basic deposit accounts or BDAs surged by 170 percent to 21.9 million in the first quarter of this year, higher than the 8.1 million in the same period last year. Deposits under BDAs climbed to P27 billion in the first quarter, or 432 percent higher than the P5.1 billion in the same period a year ago. BDAs allow clients to open interest-earning savings accounts with required initial deposit of just P100 or less and have no minimum maintaining balance and dormancy fees. Opening these accounts also only requires basic identification documents. “Introduced by the BSP in 2018, the BDA aims to meet the needs of the unbanked and low-income sector for affordable and easy-to-open bank accounts,” a statement from the BSP said. Conversion of registered accounts The Bank said BDA growth was partly a result of the conversion of registered accounts under the Philippine Identification System or PhilSys into BDAs. This process created 7.5 million BDAs. “An initiative of the Philippine Statistics Authority and the Land Bank of the Philippines, the co-location strategy aims to onboard unbanked PhilSys registrants into the formal financial system after their biometrics capture at registration centers,” BSP explained. Another 4.3 million accounts from five banks that also started offering BDAs were added from January to March this year. Based on the first-quarter data by the BSP, there are already 158 traditional and digital banks offering BDAs. The BSP aims to expand the population of adult Filipinos with bank accounts from 51 percent last year to 70 percent this year. The post BSP: More Filipinos now with basic deposit accounts appeared first on Daily Tribune......»»
Tulfo on ID: ‘Why BSP?’
A senator questioned the Bangko Sentral ng Pilipinas for assuming responsibility for printing the national identification cards under the Philippine Identification System or PhilSys project. Tulfo said he was puzzled as to how the BSP, in charge of printing Philippine money, became part of the PhilSys implementation. The project had a P28 billion budget after Republic Act 11055, or the Philippine Identification System Act was signed into law by President Rodrigo Duterte in August 2018. In October 2019, former BSP Governor and now Finance Secretary Benjamin Diokno signed a memorandum of agreement with National Statistician Claire Dennis Mapa for the production of national ID cards for an estimated 116 million Filipinos. Probe looms Tulfo questioned why the BSP accepted the printing of the ID cards and later, passed on the task to AllCard Inc. which has a poor performance record. He claimed AllCard Inc. has been delaying the implementation of its contract with other agencies. Tulfo bared he will soon file a resolution to investigate the matter concerning BSP and AllCard Inc.’s printing agreement. Tulfo lamented that since the National ID law was passed in 2018, only 36 million physical national ID cards have been printed — which is roughly one-third of the government’s 92 million target. “Now, once again, AllCard has delayed the implementation of its contract with the BSP. It’s not just delayed, it created a big mess,” he said. He deplored the BSP’s failure to correct the design of the QR code for national ID cards, noting that the existing design was too small and could not store enough information. “As a result of this, BSP may need to destroy millions of cards that have been initially printed to be replaced by a new design,” he added. On its sealed pact with the PSA for the PhilSys project, the BSP shall produce 116 million cards over three years. Tulfo also lambasted BSP for tapping an Australian company to print the country’s 1,000 peso bank note. “This only means that Philippine money is imported and made in Australia,” he said. The post Tulfo on ID: ‘Why BSP?’ appeared first on Daily Tribune......»»
Quantifiable targets for national ID issuance needed—Escudero
Senator Francis Escudero said the government agencies involved in the implementation of the Philippine Identification System (PhilSys) project should present “quantifiable targets” to the Senate when they are called for 2024 national budget hearings. Escudero said the Philippine Statistic Authority—the lead implementing agency for the PhilSys project—should explain the special provision in its budget appropriations. He questioned the PSA’s previous provision stating that “it shall set a timetable to fully establish and implement the system, which shall not be later than December 31, 2024.” "So wala na ba talaga yung original na target na end of 2023, wrap up na ang proyekto?" he asked. Escudero cited the Republic Act 11055, which institutionalized the national ID system, was signed by President Duterte on 6 August 2018, but five years later, the government seems to fail in meeting its own target. "Too much fanfare and promise," Escudero lamented, noting that the delivery of national IDs to Filipinos “shambled with so much delays,” resulting in millions of backlogs for the PSA. "Panahon ng silipin kung ano nga ba ang iniunlad nito paglakipas ng limang taon,” he added. Escudero said the Palace is asking P1.6 billion budget for the continuing implementation of the PhilSys project next year so it can further “accelerate the issuance” of national ID cards. Thus, the senator would like to scrutinize "at what speed will it be done and will it be fast enough to overtake the backlog.” The PSA proposed P8.8 billion to fund its 2024 PhilSys project implementation. “Even President [Ferdinand] Marcos Jr. highlighted this allocation in his traditional Budget Message to Congress as a way "to accelerate the issuance" of the national ID card, which every citizen is mandated by law to have,” Escudero said. Meanwhile, Escudero likewise noted that while the PSA has the appropriations, the delays can also be attributed to the problems in the printing services for the national ID—which is being facilitated by the Bangko Sentral ng Pilipinas. "For an agency which prints money and runs the mint, this delay to the people, more so that they are compelled to register and apply for it, is unacceptable," he said. Of the 77.325 million who have registered as of 7 July 2023, Escudero said only 41.358 million plastic cards have been printed and dispatched to various PSA field offices. Of the dispatched, only 34.719 million physical ID cards were received by owners. "Yung 38.608 million printed lang sa papel. Habang 1.2 million ang dinownload na lang nila at sila na ang nag-print. In this age of A.I., the promised cards are being printed D-I-Y. Ang daming pangako nung binabalangkas ang batas, at nang humihingi ng pondo,” Escudero said, emphasizing that such delays would discourage Filipinos to avail of the national ID program. "Kaya naman halos 33 million pa ang hindi nagparehistro. 'Yung targeted clientele mo mawawalan talaga ng gana,” he added. Looking at the National Expenditure Program, Escudero described the PSA’s performance outcome as “vague.” "I would like them to present a clearer target. Una, sa Performance Information ng PSA. Ito yung parte ng proposed budget ng isang ahensya na nakalista ang mga deliverables. The absence of data on PhilID is a great omission," he said. The post Quantifiable targets for national ID issuance needed—Escudero appeared first on Daily Tribune......»»
Cash remittances dip 6.4% in January-May
The central bank said cash remittances or transfers via the banking system has declined by 6.4 percent year-on-year in the first five months of the year to $11.554 billion from $12.349 billion. “The decline in cash remittances was due to the negative effects of the continued limited operating hours of some banks and institutions that provide money transfer services during the lockdown and the repatriation of many OFWs (Overseas Filipino Workers) in March 2020,” said the Bangko Sentral ng Pilipinas (BSP) in a statement Monday. The cash remittances of land-based overseas Filipinos dropped 7.2 percent to $8.965 billion compared to same time last year of $9.664 billion. The remittances of sea-based workers also dipped 3.6 percent to $2.589 billion from $2.684 billion. “By country source, the US registered the highest share to total overseas Filipinos remittances at 39.4 percent for January–May. It was followed by Singapore, Saudi Arabia, Japan, the United Kingdom, United Arab Emirates, Canada, Hongkong, Qatar, and Taiwan,” the BSP said. “The combined remittances from these countries accounted for 78.8 percent of total cash remittances.” For the month of May only, remittances sent through the banks decreased by 19.3 percent to $2.106 billion compared to $2.609 billion same time in 2019. Also for the month of May, personal remittances fell by 19.2 percent to $2.341 billion versus $2.896 billion in May 2019. Personal remittances from land-based workers with work contracts of one year or more slipped by 21.2 percent to $1.77 billion in May from $2.24 billion. Sea-based workers and land-based workers with work contracts of less than one year also declined by 12.4 percent to $519 million from $592 million in 2019. According to the BSP, “this is the third consecutive month that personal remittances posted year-on-year contraction amid the adverse effects of the COVID-19 pandemic on global economic activity, travel, and employment, resulting in the repatriation or deferment of employment of many OFWs.” For the cumulative January-May, personal remittances went down by 6.4 percent year-on-year to $12.835 billion from $13.707 billion. Personal remittances as defined by the BSP, is the “sum of net compensation of employees, personal transfers and capital transfers between households.” For 2020, the BSP expects cash remittances to contract by five percent and end up with $28.6 billion and then recover next year, bouncing back to a four percent growth to $29.8 billion. Last year, cash remittances reached $30.133 billion or up 4.1 percent from 2018, while personal remittances grew by 3.9 percent year-on-year to $33.467 billion......»»
Microfinance loans up by 21% in 2019
Microfinance loans increased by nearly 21 percent to P27.3 billion last year from P22.6 billion in 2018 as more banks and microfinance-oriented institutions served the sector, according to the Bangko Sentral ng Pilipinas......»»
Property prices slow in Q4
The growth in property prices has been sustained for 10 straight quarters, albeit at a slower pace in the fourth quarter last year, according to the Bangko Sentral ng Pilipinas......»»
Women shaping Philippine monetary policy
Women have made significant strides as leaders in the Philippine financial services industry even as challenges continue to persist. At the helm are two distinguished female members of the Monetary Board (MB) – the policy-setting body of the Bangko Sentral ng Pilipinas (BSP) –both of whom are breaking the bias for women in finance......»»
PSALM expects P100 billion from CBK privatization
The Power Sector Assets and Liabilities Management Corp. (PSALM) is expected to generate as much as P100 billon from the privatization of the 796.46-megawatt (MW) Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex in Laguna, bolstering the cash position of the cash-strapped state firm......»»
BSP issues guidelines for payment systems
The Bangko Sentral ng Pilipinas (BSP) has released its first Manual of Regulations for Payment Systems (MORPS), a formal compilation of all payment system regulations approved by the Monetary Board as of end-December 2023......»»
March inflation may pick up amid high food prices
Inflation likely accelerated for the second straight month in March, mainly driven by high rice prices, prompting the Bangko Sentral ng Pilipinas (BSP) to keep borrowing costs unchanged at its next policy review in April, analysts said......»»
Philippines posts 196 mln USD deficit in February
MANILA, March 19 (Xinhua) -- The Philippines' overall balance of payments (BOP) posted a 196-million-U.S. dollar deficit in February, significantly lower from the 895-million-dollar BOP deficit recorded a year ago, the country's central bank said on Tuesday. The Bangko Sentral ng Pilipinas (BSP) said the BOP deficit in February reflected outflows arising mainly from the national government's foreign currency deb.....»»
Remittances grow at slower 2.7 Percent pace in January
Personal remittances from overseas Filipino workers (OFWs) grew by only 2.7 percent to $3.15 billion in January from $3.07 billion in the same month last year, according to the Bangko Sentral ng Pilipinas (BSP)......»»
Philippines FDI net inflows decline 6.6 pct in 2023
MANILA, March 11 (Xinhua) -- Foreign direct investment (FDI) that flowed into the Philippines declined year-on-year by 6.6 percent in 2023, the country's central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the FDI net inflows reached 826 million U.S. dollars last December, bringing the yearly total amount to 8.9 billion dollars in 2023, compared to 9.5 billion dollars in net inflows recorded in.....»»
Philippines FDI net inflows decline 6.6 pct in 2023
MANILA, March 11 (Xinhua) -- Foreign direct investment (FDI) that flowed into the Philippines declined year-on-year by 6.6 percent in 2023, the country's central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the FDI net inflows reached 826 million U.S. dollars last December, bringing the yearly total amount to 8.9 billion dollars in 2023, compared to 9.5 billion dollars in net inflows recorded in.....»»
Philippines dollar reserves slip to $102.67 billion
The country’s foreign exchange buffer slipped to $102.67 billion in February, the second straight month of decline, acccording to the Bangko Sentral ng Pilipinas......»»
BSP collects P510 million via coin deposit machines
The Bangko Sentral ng Pilipinas has collected over half a billion pesos worth of coins as part of efforts to bring them back to circulation and address the shortage due to improper storage or disposal......»»
PSE has until 2025 to spend money it raised in 2018
The PSE disclosed that its board of directors voted to approve an extension of the timeline for its disbursement of the P2.8 billion in net proceeds that it raised through a 2018 stock rights offering......»»
Philippines posts 740 mln USD deficit in January
MANILA, Feb. 20 (Xinhua) -- The Philippines' overall balance of payments (BOP) posted a 740 million U.S. dollars deficit in January 2024, a reversal from the 3.1 billion dollars BOP surplus recorded a year ago, the country's central bank has said. The Bangko Sentral ng Pilipinas (BSP) said on Monday that the BOP deficit in January reflected outflows arising mainly from the national government's payments of its f.....»»
Philippines posts 740 mln USD deficit in January
MANILA, Feb. 20 (Xinhua) -- The Philippines' overall balance of payments (BOP) posted a 740 million U.S. dollars deficit in January 2024, a reversal from the 3.1 billion dollars BOP surplus recorded a year ago, the country's central bank has said. The Bangko Sentral ng Pilipinas (BSP) said on Monday that the BOP deficit in January reflected outflows arising mainly from the national government's payments of its f.....»»
Remittances soar to P33.5 billion in 2023 – BSP
MANILA, Philippines — Filipinos abroad sent a record amount of money back home in 2023 as remittances hit $33.5 billion, boosted by a stronger peso. This increase in the value of remittances helped households cope with high inflation. According to the Bangko Sentral ng Pilipinas (BSP), cash remittances through banks totaled $33.5 billion, marking a.....»»