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New law gives Bangko Sentral control over payment systems

President Rodrigo Duterte has signed into law a bill allowing the Bangko Sentral ng Pilipinas (BSP) to regulate all payment systems in the country to increase efficiency and lessen risks…READ The post New law gives Bangko Sentral control over payment systems appeared first on The Manila Times Online......»»

Category: newsSource: manilatimes_net manilatimes_netNov 16th, 2018

BSP lauds Payments Systems Act

The Bangko Sentral ng Pilipinas (BSP) on Monday lauded the enactment of the National Payment Systems Act (NPSA), describing the law as critical to the development of settlement networks and…READ The post BSP lauds Payments Systems Act appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsDec 18th, 2018

BSP lauds Payments Systems Act | The Manila Times Online

The Bangko Sentral ng Pilipinas (BSP) on Monday lauded the enactment of the National Payment Systems Act (NPSA), describing the law as critical to the development of settlement networks andREAD The po.....»»

Category: newsSource:  manilanewsRelated NewsDec 17th, 2018

Banks required to form task force on payment systems

By Melissa Luz T. Lopez, Senior Reporter THE Bangko Sentral ng Pilipinas (BSP) has required banks and players to set up a task force to ensure that all payment systems will be compliant to global standards on digital financial data. Memorandum M-2018-033 signed by BSP Governor Nestor A. Espenilla, Jr. mandates all participants of the […].....»»

Category: newsSource:  bworldonlineRelated NewsNov 9th, 2018

BSP requires banks to set up e-payment channels

By Melissa Luz T. Lopez Senior Reporter BANKS and other financial firms are required to offer electronic payment channels for all clients and should be able to put up systems that will allow fund transfers in a matter of seconds, the central bank said. The Bangko Sentral ng Pilipinas (BSP) spelled out specific guidelines for […] The post BSP requires banks to set up e-payment channels appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMar 28th, 2018

More improvements in financial inclusion seen

THE Bangko Sentral ng Pilipinas (BSP) is optimistic that significant improvements in financial inclusion will be achieved in light of recent regulations that are expected to boost account ownership and acceptance of digital payments. These are the innovations made under the National Retail Payment System (NRPS): -the basic deposit account framework (Circular No. 992, 1 […] The post More improvements in financial inclusion seen appeared first on The Daily Guardian......»»

Category: newsSource:  thedailyguardianRelated NewsFeb 4th, 2019

Credit growth slows on higher borrowing costs

Credit growth slowed down anew in December due to higher borrowing costs after monetary authorities lifted interest rates by a total of 175 basis points last year to prevent inflation from spiraling out of control, according to data released by the Bangko Sentral ng PIlipinas......»»

Category: financeSource:  philstarRelated NewsJan 31st, 2019

BSP sees double-digit growth in liquidity

Liquidity in the financial system may post a double-digit growth this year after the tightening cycle by the Bangko Sentral ng Pilipinas (BSP) last year to prevent inflation from spiraling out of control......»»

Category: financeSource:  philstarRelated NewsJan 13th, 2019

BSP reviews bank compliance on digital payment via e-channels

The Bangko Sentral ng Pilipinas (BSP) is evaluating the compliance of banks in making fund transfer and payments available through their electronic channels as the government ramps up its efforts to increase the level of cashless transactions to 20 percent by 2020 from only one percent......»»

Category: financeSource:  philstarRelated NewsDec 25th, 2018

Term deposits fetch mixed results

Yields on term deposits were mixed at yesterday’s auction in anticipation of a possible pause by the Bangko Sentral ng Pilipinas (BSP) from its tightening episode that saw interest rates rising by 175 basis points this year to curb inflation from spiraling out of control......»»

Category: financeSource:  philstarRelated NewsNov 28th, 2018

BSP setting up task force for real time payments

The Bangko Sentral ng Pilipinas (BSP) is creating a task force to further enhance the safety, efficiency, and resiliency of the country’s payments and settlement systems......»»

Category: financeSource:  philstarRelated NewsNov 9th, 2018

Expect another 100 bps rate hike, says think tank

London-based Capital Economics expects the Bangko Sentral ng Pilipinas (BSP) to further raise interest rates by another 100 basis points (bps) before the end of the year as inflation continues to spiral out of control......»»

Category: financeSource:  philstarRelated NewsOct 14th, 2018

BSP, Czech National Bank agree on tech exchange

The Bangko Sentral ng Pilipinas announced yesterday the signing of a memorandum of understanding with the Czech National Bank to boost the exchange of information and technical support in the two countries’ banking systems......»»

Category: financeSource:  philstarRelated NewsOct 13th, 2018

Philippine central bank grants e-money license to Grab

The Bangko Sentral ng Pilipinas (BSP) has granted an e-money license to Grab, which will enable the ride-hailing company to provide its consumers a number of additional payment services, aside from.....»»

Category: newsSource:  philippinetimesRelated NewsSep 29th, 2018

Bangko Sentral grants e-money license to Grab

The Bangko Sentral ng Pilipinas (BSP) has granted an e-money license to Grab, which will enable the ride-hailing company to provide its consumers a number of additional payment services, aside from.....»»

Category: newsSource:  philippinetimesRelated NewsSep 28th, 2018

BSP: Rate hikes not enough to fight inflation

Various non-monetary measures and safety net programs of the government are necessary to control the continued increase in prices as raising interest rates alone would not be enough to curb rising inflationary pressures, according to the Bangko Sentral ng Pilipinas......»»

Category: financeSource:  philstarRelated NewsSep 24th, 2018

PESONet, InstaPay offer convenient money transfers

Transferring funds has gotten more convenient through online platform, PESONet. Launched by the Bangko Sentral ng Pilipinas (BSP) last November 2017 as part of their strategic initiatives to modernize the country’s retail payment system, PESONet is the country’s first Automated Clearing House (ACH) under the National Retail Payments System (NRPS) of BSP. It enables transfer of [...] The post PESONet, InstaPay offer convenient money transfers appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsSep 8th, 2018

Term deposits hit record yields

The yields of term deposits breached four percent to hit record levels after the Bangko Sentral ng Pilipinas (BSP) delivered the biggest rate hike in 10 years to control rising inflationary pressures......»»

Category: financeSource:  philstarRelated NewsAug 16th, 2018

Banks told to flag risky loans even before these go bad

Local banks will now be required to toughen their accounting standards on risky loans -- even before borrowers actually default on their payment -- after the Bangko Sentral ng Pilipinas approved ne.....»»

Category: newsSource:  philippinetimesRelated NewsAug 6th, 2018

Moving towards digitized retail payments

By Joshua Lao As the world’s economies gear towards digitalization and e-payment system, the country’s central bank, the Bangko Sentral ng Pilipinas (BSP) has no intention of allowing the Philippines to be left behind in the emerging trend. The BSP launched the National Retail Payment System (NRPS) which aims to promote e-payment transaction in the […].....»»

Category: newsSource:  tribuneRelated NewsAug 5th, 2018

BSP pursuing national QR code standard

The Bangko Sentral ng Pilipinas is pursuing a national quick response code standard within the year to achieve a safe and efficient payment system in the country......»»

Category: financeSource:  philstarRelated NewsJul 28th, 2018