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BSP onboards 1st nonbank electronic money issuer
The Bangko Sentral ng Pilipinas (BSP) achieved a significant milestone by welcoming OmniPay, Inc. as the first nonbank electronic money issuer (EMI) participant in its Real Time Gross Settlement (RTGS) payment system, PhilPaSSplus. This move aligns with the National Payment Systems Act and signifies a more inclusive national payment system, allowing nonbank financial institutions to conduct efficient and low-risk funds transfers directly through the central bank. Assistant Governor Mary Anne P. Lim emphasized the BSP's commitment to safeguarding the entire Peso RTGS payment system amidst global trends of diversified participation. With 236 institutions, including various banks and nonbank entities, utilizing PhilPaSSplus for large value transactions and retail payment clearing, the BSP's initiative reflects a broader trend of central banks facilitating direct access for nonbank entities to settlement services. This development comes as international standard-setting bodies work on access guidelines to manage risks in evolving payment systems with new players and financial technologies......»»
Globe reports steep 73.7% decline in blocked bank-related spam, scam SMS in 2023
The telecommunications company Globe has reported a significant 73.7% decrease in the number of blocked spam and scam SMS related to banks in 2023. This reduction is a result of the interception of 21.9 million bank-related fraudulent messages, a sharp decline from the 83.39 million messages blocked the previous year. Globe attributes this achievement to its proactive strategies and strong partnerships with major banks and financial institutions in the Philippines. The company has established anti-fraud alliances with the Bankers Association of the Philippines and individual players in the finance sector, enabling the sharing of data and intelligence to prevent and investigate fraud effectively. Anton Bonifacio, Chief Information Security Officer at Globe, emphasized the company's commitment to combating financial fraud and enhancing security measures for customer protection. Globe has invested approximately US$20 million to improve its spam and scam SMS detection and blocking system and operates a 24/7 Security Operations Center to filter out unwanted messages from both international and domestic sources. Despite certain limitations, Globe remains dedicated to customer protection and emphasizes the need for a unified approach in the fight against fraud. The company is focused on leveraging technology and strengthening alliances with key stakeholders to combat fraudulent activities. As Globe continues to advance its technologies and collaborations, it aims to provide a safer and more secure digital environment for its customers. For more information about Globe and its initiatives, visit www.globe.com.ph. (SPONSORED CONTENT).....»»
Public sector banks doing better in managing NPAs vis-a-vis their private counterparts: FICCI-IBA survey
New Delhi [India], March 21 (ANI): Public sector banks in India are doing better in comparison to their private sector counterparts in terms of non-performing assets, a survey conducted by industry body FICCI and banking association Indian Banks' Association (IBA) found. A nonperforming asset refers to loans or advances that are on the brink of default. According to the survey, a large majority (77 per cent) of the respon.....»»
ADB approves 655,000 USD to help Philippine rural banks digitization
MANILA, Feb. 19 (Xinhua) -- The Asian Development Bank (ADB) on Monday said it will provide grants totaling 655,000 U.S. dollars for the digitization of nine rural banks and a bank consortium in the Philippines. The grants are part of ADB's Fintech for Inclusion Transformation (FIT) program. The grant awardees were chosen from among rural banks nationwide serving women, farmers, fisherfolk, and micro, sma.....»»
ADB approves 655,000 USD to help Philippine rural banks digitization
MANILA, Feb. 19 (Xinhua) -- The Asian Development Bank (ADB) on Monday said it will provide grants totaling 655,000 U.S. dollars for the digitization of nine rural banks and a bank consortium in the Philippines. The grants are part of ADB's Fintech for Inclusion Transformation (FIT) program. The grant awardees were chosen from among rural banks nationwide serving women, farmers, fisherfolk, and micro, sma.....»»
BSP governor says February rate cut not likely
In statements made to the press, BSP Governor Eli Remolona said that due to the “numbers we are seeing” a rate cut “is not likely (on) February 15”, which is the next scheduled meeting date for the BSP’s Monetary Board......»»
BSP pursues reforms to modernize banks
The Bangko Sentral ng Pilipinas is pursuing policy reforms to modernize Philippine banks and ensure a sustainable, digital and inclusive banking future......»»
The Risks of Opening a Business in 2024
In a world where economic volatility always reigns supreme, the allure of entrepreneurship has never been more enticing–or more fraught with risk. As aspiring business owners eagerly plan to open their business in 2024, they must confront a harsh reality: the path to success is paved with pitfalls that could shatter even the most ambitious […].....»»
NICE, Ganda! NICE, SARAP! McDonald’s comes out with oh-so-satisfying Chicken McDo
Summary: McDonald’s Introduces Bigger, Juicier, and Crispier Chicken McDo McDonald’s has unveiled an enhanced version of its beloved Chicken McDo, promising a more satisfying and flavorful experience for chicken enthusiasts. The new and improved Chicken McDo boasts larger and juicier cuts, coupled with a revamped breading process that results in a crispier and flakier skin. This upgrade aims to elevate the dining experience, ensuring that every bite is succulent and fulfilling. In addition to the enhanced chicken offering, McDonald’s is also introducing value-packed meal options to cater to different preferences. Customers can indulge in the 1pc Chicken McDo with DOUBLE Rice for a hearty and filling meal, or opt for the 1pc Chicken McDo with McFloat for a refreshing accompaniment. The reimagined Chicken McDo has garnered praise from renowned personality Vice Ganda, who has expressed her delight with the improvements. McDonald’s has made the new Chicken McDo available for dine-in, take-out, drive-thru, and delivery, ensuring that customers can savor its delectable taste at their convenience. For those eager to explore more exciting deals and promotions related to the Chicken McDo, McDonald’s encourages users to download the McDonald’s App and McDelivery App, and stay updated on social media platforms such as Instagram and Facebook. Overall, McDonald’s Chicken McDo aims to satisfy cravings with its bigger, juicier, and crispier appeal, offering a delectable chicken experience that can be enjoyed anytime, anywhere......»»
BSP logs 40K complaints relating to financial consumer protection; only 5% come from Mindanao
SINCE the effectivity of the Financial Consumer Protection Act (Republic Act 11765) in June 2022, the Bangko Sentral ng Pilipinas (BSP) has logged more than 40,000 complaints from customers of different BSP-supervised financial institutions from all over the Philippines. Of this number, only around 5 percent come from Mindanao, implying the Mindanaoans' unawareness of the law......»»
Banks expect higher consumer, corporate loan demand in Q1
Despite the higher for longer interest rate scenario, Philippine banks still expect a stronger loan demand from companies and households in the first quarter of the year, according to the Bangko Sentral ng Pilipinas......»»
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.....»»
More groups to establish Islamic banks in Philippines
More groups are looking at establishing Islamic banks in the Philippines as the first branch of the new banking classification is expected to open soon, according to the Bangko Sentral ng Pilipinas......»»
No end in sight for ABS-CBN’s woes
Media giant ABS-CBN Corp. suffered a setback in its efforts to become profitable again, tripling its net loss to nearly P10 billion last year due to the impairment of some of its legacy assets......»»
BSP Governor Eyes Potential Rate Cut as Inflation Eases
In a recent interview, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. hinted at a potential rate cut later this year, signaling optimism amid the nation’s economic landscape. While cautious about the first semester, Remolona remains watchful, stating that the move could come “within the year.” The BSP, responding to escalating inflation, had hiked […].....»»
Fed Chief Powells Remarks on March Rate Cut Unlikely to Cause Stock Tumble: The Daily Guardians Guide to Navigating the Market
Title: Market Rebounds After Fed Chief’s Comments, Tech Stocks Experience Declines Subtitle: Investors Advised to Be Cautious Amidst Volatility Date: [Insert Date] Author: [Your Name].....»»
Bitcoins Sell The Fact Pullback Came From Exchanges: Kaiko
Title: Analysts Predict Further Price Drop for Cryptocurrencies; Investors Brace for Potential Losses As the cryptocurrency market faces ongoing volatility, analysts are predicting a further.....»»
Bigger Metro Manila Film Festival for its 50th year
The annual summer Metro Manila Film Festival will be canceled this year to give way to a bigger, grander and much-awaited 50th anniversary of the MMFF this December......»»
NCC Marathon returns for bigger challenge in 2024
NCC Marathon returns for bigger challenge in 2024.....»»
Tell it to SunStar: Viral video of teacher, manifestation of a bigger problem
Tell it to SunStar: Viral video of teacher, manifestation of a bigger problem.....»»