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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......»»
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......»»
Bank loans used as RRR compliance hit P6.4 billion
Mid-sized and small banks have extended around P6.4 billion loans to micro, small and medium enterprises (MSMEs) as well as large companies, and booked these loans in compliance with their reserve requirement ratios, according to the Bangko Sentral ng Pilipinas......»»
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.....»»
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......»»
Transactions in coin deposit machines near P400 million
More and more Filipinos are using the coin deposit machines deployed by the Bangko Sentral ng Pilipinas in major malls across the metropolis as part of its coin recirculation program......»»
More coin deposit machines underway
he Bangko Sentral ng Pilipinas plans to deploy more coin deposit machines in the provinces as the value of transactions near the P100-million mark with the full deployment of the first batch of 25 machines......»»
BSP deploys more coin deposit machines
The Bangko Sentral ng Pilipinas continues to ramp up the deployment of coin deposit machines in various malls operated by the Sy, Gokongwei and Gotianun families......»»
Six food makers withdraw pleas — DTI
The Department of Trade and Industry revealed that six food manufacturers have already inhibited their requests for price adjustments for their products until the end of the year, hoping that other manufacturers will follow suit. “They have already withdrawn the price increase request, and there are six (food manufacturing companies). It influenced other manufacturers and they came to a consensus to temporarily hold the price increase until the end of the year,” Trade Secretary Alfredo Pascual said in a press conference on Wednesday. Products with no price hikes He said the products that will not have price increases until December this year are bottled water, candles, condiments, bread and toilet soap. “We have a meeting with canned sardine manufacturers tomorrow (5 October) because we continue to appeal to them to hold their price increase request,” Pascual said. Pascual said some manufacturers with a wide range of varieties of products have the flexibility to sacrifice profits in some of their low-cost products, while they make recovery on their premium products. Rounding up Further, he said the DTI will not release a new suggested retail price for basic necessities and prime commodities until December 2023. Instead, the agency is contemplating rounding off the cents that are in the prices of the current SRP, emulating the price-rounding mechanism of the Bangko Sentral ng Pilipinas which is aimed at diminishing the proliferation of 25, 10 and 5 cents in the market. “For example, if the current SRP of sardines is at P19.46, we will round it up and we will make it P19.50, a price adjustment of .4 cents. We are studying this scheme,” Pascual explained. Price rounding refers to the policy and/or practice of rounding off the amount due for payment, as opposed to charging the exact amount to the last centavo. The actual cash payment would be rounded up or down to the nearest multiple of the designated coin currency unit under the policy. Across countries, price rounding is implemented in various ways, such as through mutual consent of consumers and retailers, or through a binding legislative act. The post Six food makers withdraw pleas — DTI appeared first on Daily Tribune......»»
6 manufacturers withdraw price raise requests — DTI
The Department of Trade and Industry revealed that six food manufacturers have already inhibited their requests for price adjustments for their products until the end of the year, hoping that other manufacturers will follow suit. “They have already withdrawn the price increase request, and there are six. It influenced other manufacturers and they came to a consensus to temporarily hold the price increase until the end of the year,” Trade Secretary Alfredo Pascual said in a press conference on Wednesday. He said the products that will not have price increases until December this year are bottled water, candles, condiments, bread, and toilet soap. “We have a meeting with canned sardine manufacturers tomorrow (5 October) because we continue to appeal to them to hold their price increase request,” Pascual said. Pascual said some manufacturers who have a wide range of varieties of products have the flexibility to sacrifice profits in some of their low-cost products, while they make recovery on their premium products. Rounding up Further, he said the DTI will not release a new suggested retail price for basic necessities and prime commodities until December 2023 but contemplating rounding off the cents that are in the prices of the current SRP, heeding to the price rounding mechanism of the Bangko Sentral ng Pilipinas aimed in diminishing the proliferation of .25, .10 and .5 cents in the market. “For example, if the current SRP of sardines is at P19.46, we will round it up and we will make it P19.50, a price adjustment of .4 cents. We are studying this scheme,” Pascual explained. Price rounding refers to the policy and/or practice of rounding off the amount due for payment, as opposed to charging the exact amount to the last centavo. The actual cash payment would be rounded up or down to the nearest multiple of the designated coin currency unit under the policy. Across countries, price rounding is implemented in various ways, such as through mutual consent of consumers and retailers, or through a binding legislative act. The post 6 manufacturers withdraw price raise requests — DTI appeared first on Daily Tribune......»»
Maya gets onboard coin deposit initiative brings P20 million coins back in circulation
The Bangko Sentral ng Pilipinas has collected close to P20 million worth of coins as part of efforts to bring them back to circulation and address the shortage due to improper storage or disposal......»»
BSP target: 70% of adult Filipinos to have bank accounts
The country's central bank may achieve its aim of having 70 percent of adult Filipinos with bank accounts later this year as more Filipinos are now part of the official financial system, the new Bangko Sentral ng Pilipinas (BSP) chief recently said. "In our financial inclusion survey in 2021, 56 percent of [adults] in the country had a bank account, a significant increase from just 23 percent in 2017," he said during the BSP 30th Anniversary Reception for the Banking Community. "We're confident we will reach our target of 70 percent by this year," he added. Remolona attributed digitalization to financial equality in the country, allowing people to save money, invest in their futures, and participate in the digital economy more effectively. He added that more Filipinos made more digital payments and formally opened bank accounts. "We're making some progress. At last count, 42 percent of retail payments were in digital form. This is up from just one percent 10 years ago. That proportion should hit our target of 50 percent this year," Remolona said. So far, 258 digital payment companies have been given licenses by the BSP. Remolona expects competition and network effects to result in a system where the "most innovative, efficient, and responsible providers truly respond to customers' needs." Meanwhile, on the sidelines of the banking event, BSP deputy governor Bernadette Romulo-Puyat said that the central bank's recently deployed coin deposit machines (CODM) in various retail locations across Greater Manila Area have already recorded P12 million worth of deposits within just one month of operation. "It's been only one month since we deployed all the machines, but we started with just ten machines. Yet, we have already received 12 million worth of deposits," Puyat told reporters. The machines located in Robinsons Manila, SM Hypermart, SM, and Filinvest Alabang have been experiencing heavy foot traffic, with the Robinsons Manila machine being the most popular. The influx of people depositing coins has been attributed to the artificial coin shortage in circulation, as people tend to keep their coins at home or find it troublesome to deposit them at the banks. The coin deposit machines accept all coins except unfit ones and reject deposits with scotch tape or other items mixed with the coins. Puyat also shared that the highest deposit received was worth P50,000 in coins, which the depositor immediately converted to e-wallet credits. "In fact, 98 percent of depositors use e-wallets for their transactions," Puyat said. The BSP plans to expand the initiative to more locations in Metro Manila. When asked about future plans, she mentioned, "We're planning to relaunch it with Gov. Eli (Remolona) and maybe in Pasig, as Mayor Vico texted me. He also wants it in Pasig." The post BSP target: 70% of adult Filipinos to have bank accounts appeared first on Daily Tribune......»»
BSP, SM Store open coin deposit machines
To improve coin circulation in the Philippines, the Bangko Sentral ng Pilipinas and SM Store deployed the first of Coin Deposit Machines or CoDMs at the SM Mall of Asia. This is the first of 18 coin machines that will be available at the SM Stores and SM Supermarkets. The BSP-initiated project aims to boost its Coin Recirculation Program and to promote financial inclusion and digitalization. With these machines, SM shoppers can now conveniently deposit their coins and credit the corresponding value to their e-wallets, or convert them to vouchers redeemable at SM Store outlets. Coins’ intrinsic value “Most of the time, we put our loose change in our wallets, in piggy banks, inside drawers, or worse, used as a washer or thrown away. It is time that we realize that coins are as equally important as our bills and the money we have in our bank accounts and e-wallets,” SM retail vice president for Treasury Jeffrey Ang said. “It is our hope that as one SM family, we can help address the looming coin issues in the country by using these CoDMs deployed in our malls,” he added. According to the BSP, there were 11.1 billion pieces of coins in circulation since December 2005, 6.7 billion pieces of which were low-denomination coins. This brought coins per capita to 121, way above the Association of Southeast Asian Nations standard of 50 pieces. However, the demand remains unfilled in many parts of the country because coins are not being recirculated, or used regularly by the public. “Hopefully, this will help solve the artificial coin shortage commonly experienced in the provinces. More enhancements are also expected as we roll out this game-changing project,” BSP Governor Felipe Medalla said. The post BSP, SM Store open coin deposit machines appeared first on Daily Tribune......»»
BSP starts deployment of coin deposit machines
The Bangko Sentral ng Pilipinas has started the deployment of coin deposit machines initially in malls operated by the Sy, Gokongwei and Gotianun families as part of its efforts to recirculate coins to tackle the shortage of coins caused by improper storage or disposal......»»
BSP issues first-ever colored coin set
President Ferdinand Marcos Jr. on Monday said that establishing a formal currency by any country is part of the definition of being a sovereign nation. The Chief Executive said this in his speech as the Bangko Sentral ng Pilipinas led the launch of the commemorative coin set for the 125th Anniversary of Philippine Independence and Nationhood held at the Ceremonial Hall of the Malacañang Palace. "We have to see it not just a very very nice souvenir, but really a commemoration of the creation of the Republic of the Philippines," Marcos said. The President mentioned that the creation of the coin set was made possible through modern technology and current best techniques being practiced in the country. The commemorative coins are a "labor of love" and that it "(shows) how far we have gone" as a nation in 125 years, he said. The country's first-ever colored coins feature the country's key historical scenes. The BSP issued the coin set with 100-Piso, 20-Piso and 5-Piso denominations in commemoration of the 1898 declaration of Philippine independence (100-Piso), the birth of the country’s first republic at the Barasoain Church (20-Piso), and the bravery of the Filipinos who fought for the country’s sovereignty in the Philippine-American War (5-Piso). The central bank used the latest digital printing technology in developing the APIN coin set, which features the first colored, non-circulation, commemorative coins produced by the BSP. "I have never seen coins like these before," Marcos said. "We have used all the best technology, and you can see different things depending on the angle you view them. I congratulate everyone who has been involved in this quite remarkable project," he added. BSP Governor Felipe Medalla, for his part, pointed out that that the central bank issued the colored non-circulation commemorative coins as part of the central bank's effort to preserve the cultural heritage and promote pride in our shared history. "We are issuing for the first time the colored, non-circulation --- which means you cannot spend this, you collect it --- coins showcasing key historical scenes," Medalla said. The Central Bank chief also highlighted the symbolic significance of the coin designs. Medalla said the coins symbolize peace (blue), courage (red) and freedom or sovereignty (yellow). The National Historical Commission of the Philippines is at the forefront of the 125th APIN celebration from 2023 to 2026, with the theme "Kalayaan. Kinabukasan. Kasaysayan," Under Administrative Order No. 8, Marcos directed the creation of a committee that would “facilitate the planning and execution of programs and projects” for the commemoration of the 125th Philippine independence anniversary. The post BSP issues first-ever colored coin set appeared first on Daily Tribune......»»
Marcos vows prudence in spending state funds
President Marcos vowed to be prudent in spending state funds as monetary officials presented to him Philippine banknotes bearing his signature and new coin series with the new Bangko Sentral ng Pilipinas logo yesterday......»»
Maingat na paggasta sa pondo ng bayan, siniguro ni PBBM
MANILA, Philippines – Pinuri ni Pangulong Ferdinand R. Marcos Jr., araw ng Miyerkules, Disyembre 7 ang Bangko Sentral ng Pilipinas (BSP) para sa pag-presenta ng Philippine banknotes na nagtataglay ng lagda nito. Bukod sa banknotes ay ipinresenta rin ng BSP ang bagong coin series na may BSP logo. Nangako naman ang Pangulo na ilalaan at […] The post Maingat na paggasta sa pondo ng bayan, siniguro ni PBBM appeared first on REMATE ONLINE......»»
Be wary of 20-Piso coin sold online, BSP warns
The Bangko Sentral ng Pilipinas (BSP) on Wednesday warned the public against selling the supposed “Brilliant Uncirculated 20-Piso” coin online. In a statement, the central bank said it had yet to issue the coin, which was being advertised on online shopping platforms like Shopee and Carousell. The Bangko Sentral also told the public that what […].....»»
Greenwich Inspires Filipinos to Create More Authentic Meaningful Connections, Launches ‘Sarap to Feel G’ Campaign
Greenwich, one of the country’s leading homegrown pizza and pasta makers, is embarking on a massive campaign this year to inspire millions of Filipinos to create more genuine, meaningful connections with each other. The campaign is anchored on having more experiences inspired by authenticity and real “feel-good” togetherness made possible by incredible, great-tasting food. This […].....»»