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The Importance of Still Keeping Loose Change
In the Philippines, the convenience of digital payments is quickly becoming the norm. There are now fewer lines to the ATMs every payday, people are now using their phones more for payments, and digital banks are becoming more prevalent. Amidst the digital transformation the country is undergoing, we often hear “I don’t have cash” from […].....»»
InstaPay money transfers swell to P5 trillion
Real-time fund transfers via InstaPay jumped by 45 percent to P5 trillion last year as volume surged by 56 percent to 838.56 million, BancNet said......»»
Digital banks seen profitable in 5-7 years
Digital banks in the Philippines need five to seven years to become profitable, as only two out of six online lenders are doing well so far, according to the Bangko Sentral ng Pilipinas......»»
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.....»»
Should You Bite on Digital Credit Line Offerings?
Digital credit lines have become a prevalent offering for digital platforms like digital banks and online shopping apps. These readily available lines of credit, often so accessible, can be tempting, especially for unexpected expenses. But before you hit “apply,” it’s crucial to weigh the pros and cons to determine if a digital credit line aligns […].....»»
Fitch keeps credit rating of 5 Philippine banks
Fitch Ratings has affirmed the credit rating of five of the country’s biggest banks and kept its stable outlook, on the back of a likely robust economic growth over the next two years......»»
ASEAN cross-border remittance service to go live by 2026 – BSP
The Bangko Sentral ng Pilipinas along with other central banks in the region aims to operationalize multilateral cross-border fund transfers by July 2026......»»
Landbank continues to waive transfer fees below P1,000
In an advisory, Landbank said it will continue to waive fees for fund transfers to other banks sent through InstaPay and PESONet as long as it is below P1,000......»»
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).....»»
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......»»
Nikon acquires Red Digital Cinema, enters professional video market
Nikon Acquires Red Digital Cinema to Enter Professional Digital Cinema Camera Market In a strategic move to expand into the professional digital cinema camera market,.....»»
Minister attending Australian data, digital meeting
Minister for Digitising Government Judith Collins is in Sydney to attend the first Data and Digital Ministers' Meeting of 2024. "This is a great opportunity to connect with our Australian counterparts and identify how we can work together on digital transformation," Ms Collins says. "Both our nations are looking into how advancements like AI and digital iden.....»»
ACT to PRC: Extend renewal of teachers’ license
The Alliance of Concerned Teachers is seeking a dialogue with the Professional Regulation Commission to extend the deadline for accepting Continuing Professional Development as many teachers would be unable to renew their professional IDs within the current timeframe......»»
From free InstaPay transfers to personalized banking: New Metrobank App is making online banking easier
The Metrobank App brings convenient banking at your fingertips by making transactions simple with just a few taps, ensuring that your money is safe with enhanced security, and anticipating your needs with smart features......»»
From free InstaPay transfers to personalized banking: New Metrobank App is making online banking easier
The Metrobank App brings convenient banking at your fingertips by making transactions simple with just a few taps, ensuring that your money is safe with enhanced security, and anticipating your needs with smart features......»»
10th ID bashes Canadian gov’t for travel advisory vs Mindanao
The 10th Infantry Agila Division (10ID) of the Philippine Army criticized the Canadian government for issuing a travel advisory against all parts of Mindanao, which includes their area of responsibility. Major Mark Anthony Tito, spokesperson for the 10th ID, emphasized that the regions under their jurisdiction are peaceful and free from terrorism and violent threats, contrary to the Canadian embassy's advisory. The division oversees 12 provinces, seven cities, and 72 municipalities in various parts of Mindanao. Tito expressed bewilderment at the basis of the travel advisory, asserting that the Canadian government lacks awareness of the actual situation on the ground. He highlighted the peaceful nature of the entire Davao Region throughout 2023, with no recorded incidents of terrorism or insurgency. Despite the exclusion of Davao City from the advisory, Tito noted that the region would still be impacted. The Canadian embassy's advisory warned its citizens to avoid visiting Mindanao due to ongoing terrorism, civil unrest, kidnapping, high levels of violence, and encounters between rebel forces and government security authorities. Specific provinces and regions were singled out for caution or non-essential travel, including Northern Mindanao, Soccsksargen, and Eastern Mindanao. Contrary to the advisory, the 10th ID has been actively weakening and eliminating guerilla forces within its jurisdiction as part of the Philippine Army's efforts to establish an insurgency-free zone. In fact, on October 27, 2023, the Davao Region celebrated its first anniversary as an insurgency-free region in the Philippines. This dispute has led to other related stories, including the Chamber's intention to engage in discussions with the Canadian government regarding the travel advisory, as well as refutations from the Mindanao Development Authority (MinDA) and celebrations of the Davao Region's insurgency-free status by the Regional Peace and Order Council. In summary, the 10th ID vehemently opposes the Canadian government's travel advisory, citing the peaceful and secure nature of the regions under their jurisdiction, and highlighting the significant strides made in eradicating insurgency in the Davao Region......»»
DSWD allots Php537M emergency cash aid to shear line, quake-hit families in Samar, Mindanao
Three Field Offices of the Department of Social Welfare and Development (DSWD) started on January 18 the simultaneous payout of cash assistance, through the Emergency Cash Transfer (ECT) program, for the families affected by a triad of disasters that occurred in the last quarter of 2023 to help them recover and resume their normal lives. […].....»»
Investors pour over $700 million into Philippine digital banks
Global and local investors have poured over $700 million (around P40 billion) into the country’s digital banking sector to support the industry’s growth and potential to reshape the online financial landscape......»»