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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......»»
BSP to banks, financial institutions: Prioritize national ID as top identification
The central bank said that institutions should “adopt enhanced measures to ensure the broad acceptance of the PhilID” whether its physical or electronic version as a valid proof of identity and age for all financial transactions. .....»»
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.....»»
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).....»»
Delivery drivers urge Mayor Baste for business permit exemption
Title: Delivery Drivers Seek Exemption from Business Permit Requirement A group of delivery drivers in Davao is urging Mayor Sebastian Duterte to exempt them from the mandatory business permits. The drivers, including those from various delivery apps such as Grab and FoodPanda, are concerned about the financial burden imposed by the business permits, which range from P2,000 to P6,000. They argue that this requirement is unique to Davao City among all cities and provinces in the Philippines. Grab rider Rolando Atico emphasized the need for solidarity among all delivery drivers, regardless of the app they work for. He urged fellow drivers to support each other, as the financial impact may extend beyond just Grab and FoodPanda. Atico also requested Mayor Duterte to reconsider the requirement and reinstate the previous occupational permit, which only cost P125. The group is facing a 30-day deadline to obtain the business permits, and they are citing financial constraints as a reason for their request for an extension. Failure to comply could result in their removal from the delivery platforms, jeopardizing their livelihoods. Additionally, they are advocating for changes to Davao City's Revenue Code, proposing a model similar to Cebu City, where only an occupational permit is required. The drivers are also calling for an inquiry into the lack of transparency and unilateral actions of food delivery companies, particularly concerning rider capitalization and financial concerns. They believe that a thorough investigation will help ensure fairness and equity in their financial obligations and working relationship with the delivery companies. Maribel Paguican, the Business Bureau officer-in-charge, stated that non-certified delivery riders categorized as service contractors must obtain a business permit. She mentioned two permits for occupational and business activities, with a discounted structure for delivery riders. However, concerns have been raised about increased taxes, potentially ranging from P3,000 to P6,000, along with an additional tax on top of the declared income of P1,400. The delivery drivers' plea for exemption from the business permit requirement reflects their concerns about the financial impact and the potential threat to their livelihoods. Their call for solidarity and support from fellow drivers highlights the urgency of the situation. This story sheds light on the challenges faced by delivery drivers in Davao and the implications of the business permit requirement on their financial well-being. It also underscores their efforts to seek fairness and equity in their working relationship with the authorities and delivery companies......»»
DOF: GFIs can seek extended relief after Maharlika infusion
Government financial institutions Land Bank of the Philippines and Development Bank of the Philippines will likely seek an extension of its regulatory relief following contributions to the country’s sovereign wealth fund......»»
BSP: Digitizing microfinance services will boost financial inclusion
Digitizing microfinance institutions could promote further financial inclusion in the country as borrowers from the unserved and underserved segments of the population will be able to access a wider range of financial services......»»
House expedites release of P35M aid for Davao disaster victims
The House of Representatives, in collaboration with President Ferdinand R. Marcos Jr., is expediting the release of P35 million in financial aid and 17,500 food packs to assist the seven congressional districts affected by recent flooding and landslides in the Davao Region. Speaker Ferdinand Martin G. Romualdez emphasized the urgency of their efforts, aiming to provide substantial assistance to the nearly 45,000 affected families and over 187,000 individuals in the region. Coordination with the Department of Social Welfare and Development is underway to swiftly release PHP5 million to each district through the Assistance to Individuals in Crisis Situations program. The financial aid will support various relief efforts, including infrastructure reconstruction and medical assistance. Tingog Party-list representatives also expressed their commitment to ensuring the assistance reaches those most in need......»»
Navigating Unsecured Debt Relief: A Comprehensive Guide
In the realm of financial management, unsecured debt stands out as a common challenge for many. Unlike secured debts, which are tied to assets like homes or cars, unsecured debts include credit card balances, personal loans, and medical bills. These can accumulate quickly, often overwhelming individuals. This article aims to explore debt relief options specifically […] The post Navigating Unsecured Debt Relief: A Comprehensive Guide appeared first on Kagay An......»»
Philippines financial sector expands by 8 percent in February
The total resources of banks and non-bank financial institutions rose by 7.9 percent to P30.87 trillion as of end-February from P28.58 trillion in the same period a year ago, based on preliminary data from the Bangko Sentral ng Pilipinas......»»
P400-M cash, relief goods provided to calamity-affected families
THE Department of Social Welfare and Development-Davao Region (DSWD-Davao) has already provided around P400 million worth of financial and basic commodity assistance to the families affected by the recent trough of low-pressure area (LPA) and shear line......»»
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.....»»
Non-banks’ domestic claims up by 15 percent in Q4
The domestic claims of non-bank financial institutions increased by 15 percent to P9.05 trillion in the fourth quarter of 2023 from P7.87 trillion in the same quarter in 2022, based on a survey of the Bangko Sentral ng Pilipinas (BSP)......»»
BSP tightens rules on reporting threats
The Bangko Sentral ng Pilipinas (BSP) is now requiring banks and financial institutions to report any significant incident related to money laundering, terrorism and proliferation financing within 24 hours......»»
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......»»
BSP onboards OmniPay as 1st non-bank in settlement platform
The Bangko Sentral ng Pilipinas has onboarded OmniPay Inc. in the roster of financial institutions that settle high value transactions safely and instantly through the central bank-owned and operated national payment system......»»
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.....»»
P97 million aid distributed to Pinoys affected by El Niño
Filipinos affected by the severe dry spell amid El Niño have received P97 million in “relief assistance” from the Department of Social Welfare and Development......»»
Shear line affects over 80-K families in Davao
The shear line in the Davao Region has had a significant impact on over 80,000 families, as reported by the Office of Civil Defense-Davao Region (OCD-Davao). The affected families are spread across Davao de Oro, Davao del Norte, Davao Occidental, and Davao Oriental. Evacuation efforts have been underway, with some families still in shelters. Tragically, casualties have been reported, including fatalities and injuries due to landslides and flooding. The infrastructure has also suffered, with roads and bridges being blocked or damaged. The Department of Social Welfare and Development-Davao Region (DSWD-Davao) has been providing relief to affected residents, and the local government units have also contributed aid. In response to the shear line, the OCD-Davao has raised its Blue Alert status, emphasizing the need for intensified monitoring and immediate mobilization of resources. The situation remains challenging, with ongoing flooding and landslides affecting numerous areas in the region......»»