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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......»»
ECB fines Goldman Sachs 6.6 mn euros for reporting breach
The European Central Bank has fined US financial giant Goldman Sachs 6.63 million euros ($7.2 million) for misreporting its capital needs, it said on Monday. Goldman Sachs Bank Europe was found to have "breached credit risk reporting rules" in 2019, 2020, and 2021, the ECB said in a statement. "For eight consecutive quarters, the bank reported lower risk-weighted assets for credit risk than it should have done," it said. In particular, Goldman Sachs "misclassified corporate exposures", the Frankfurt-based institution said. "Deficiencies in internal controls prevented the bank from detecting this mistake in a timely manner," it added. A spokesman for Goldman Sachs said the bank recognized the "critical importance of our regulatory reporting obligations" and had "taken all necessary steps to fully remediate this legacy issue". "We have closely cooperated with the ECB throughout and are pleased to have resolved matters fully," the spokesman said. Capital ratios are key indicators of a bank's strength and ability to absorb losses in the event of market turmoil. The ECB tightened its supervision of such ratios after the 2008 financial crisis. It recently said the move had made the European banking sector stronger in the face of fears of contagion over inflation-related struggles facing many US banks. The ECB classified Goldman Sachs' breach as "severe", the third of five possible levels. The ECB, which supervises 115 of the eurozone's largest banks, has imposed some 20 sanctions on private institutions. In July 2017, it fined the Italian bank Banca Popolare di Vicenza 8.7 million euros for missing requirements in quarterly and annual reports. The post ECB fines Goldman Sachs 6.6 mn euros for reporting breach appeared first on Daily Tribune......»»
Belmonte, Binay call for climate action funding from development banks
The C40 coalition of cities, a network of nearly 100 mayors, asked MDBs to increase urban climate investment, integrate urban climate action into their strategies, and implement tailored programs to support city projects. .....»»
LIST: Bank schedules for Holy Week 2024
Bookmark and refresh this page for the Holy Week schedules released by banks.....»»
Dovish Powell lifts markets to historic highs
Last week, US equities reached new all-time highs, thereby lifting global stock markets. This came on the back of Federal Reserve (Fed) Chair Jerome Powell’s dovish policy statement. In that speech, Powell touted considerable progress in bringing down inflation, notwithstanding the bumps in the road toward the two percent target......»»
Shares gain anew on rate cut hopes
The stock market advanced for a second consecutive session yesterday, buoyed by indications that the vs Federal Reserve will make interest rate cuts later this year......»»
US Federal Reserve holds steady
The US Federal Reserve decided to hold its interest rates steady for the 5th consecutive meeting......»»
Ma-inspire, maantig ang puso sa pelikulang ‘White Bird: A Wonder Story’
NAAALALA niyo pa ba ang 2017 hit movie na “Wonder?” Makalipas ang pitong taon, mayroon na itong follow-up movie na pinamagatang “White Bird: A Wonder Story” na eksklusibong mapapanood sa Ayala Malls Cinemas. Ang bagong pelikula ay base rin sa nobela na isinulat ni RJ Palacio na author din ng “Wonder.” Inspiring at talaga namang.....»»
Indian banking sector continues to improve with better asset quality, high credit growth: Survey
New Delhi [India], March 21 (ANI): The health of the Indian banking sector continues to improve with better asset quality and high credit growth, a survey conducted by industry body FICCI and banking association Indian Banks' Association (IBA) showed. The eighteenth round of the survey was carried out for the period July to December 2023. Those banks that were surveyed together represent about 77 per cent of the banking i.....»»
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.....»»
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 […].....»»
GCash widens global reach
Overseas Filipino workers may connect their GCash accounts with foreign banks by the second quarter of the year, expanding the financial services they can access in the e-wallet......»»
‘Squid Game’ star O Yeong-su nakonbikto sa kasong sexual misconduct
Nakonbikto sa kasong sexual misconduct ang sikat nga “Squid Game” actor nga si O Yeong-su. Gikunpirmar kini sa usa ka local court niadtong Marso 15. Si Yeong-su gipasakaan og kaso nga sexual misconduct human sa iyang pagpasakit og usa ka babaye niadtong 2017. ALSO READ: ‘Squid Game’ star indicted over sexual misconduct Matud sa report.....»»
FACES OF CEBU: Regine Villamejor, 27, the ‘fisherman’s daughter’
CEBU CITY, Philippines — “My father told me one time that he wanted to sleep more, but he said (that) he had to work hard in order for me to continue my studies.” That is what 27-year-old Regine Villamejor told Cebu Daily News in 2017. Seven years later, Villamejor, who was known to the people.....»»
‘Squid Game’ star O Yeong-su ‘guilty’ sa kasong sexual misconduct
NAPATUNAYANG “guilty” o may pagkakasala sa kasong sexual misconduct ang sikat na “Squid Game” actor na si O Yeong-su. Kinumpirma ito mismo ng local court noong March 15 matapos siyang sampahan ng reklamo kaugnay sa pananakit niya sa isang babae noong 2017. Base sa report ng Suwon District Court, naganap ang insidente nang manatili ang.....»»
SMIC banks on areas outside NCR for growth
SM Investments Corp. (SMIC) of the Sy family is betting big on the countryside to support the group’s continued growth......»»
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. .....»»
Bank assets grow 10 percent to P24.8 trillion
Philippine banks’ assets grew by 10.3 percent to P24.81 trillion in January from the P22.49 trillion recorded a year ago, according to data from the Bangko Sentral ng Pilipinas,.....»»
Banks’ bad loans ratio highest in 8 months
The share of bad loans to the banking sector’s total loan book went up to an eight-month high in January, snapping two straight months of decline, as borrowers felt the pinch of elevated interest rates......»»
Blackwater relishes strong start
If Blackwater’s 3-0 start in the PBA Philippine Cup is a portent of things to come, Bossing team owner Dioceldo Sy said yesterday he’s enjoying the habit of winning. Only twice in 21 previous conferences has Blackwater gone over .500, posting identical 7-4 records in the 2017-18 Governors Cup and 2019 Commissioner’s Cup......»»