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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......»»

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sunstarRelated NewsJan 15th, 2024

An efficient maritime transport system is key to sustainable economic growth

As an archipelago composed of more than 7,000 islands, the Philippines carries the characteristic of heavily relying on the maritime transport system to move people and goods......»»

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philstarRelated NewsMar 2nd, 2024

Government urged to abolish MAV system

The government should consider abolishing the minimum access volume (MAV) system as the mechanism is prone to corruption and favors only few entities, a member of the central bank’s Monetary Board (MB) said......»»

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philstarRelated NewsApr 14th, 2024

Asia-Pacific women fight foreign exploitation

"We have a lot of platforms where we can show our defiance and our strength. The moment women chose to take the path of armed struggle, they already defied the macho-feudal imperialist system that says that only men can topple the system or become part of the revolutionary army." The post Asia-Pacific women fight foreign exploitation appeared first on Bulatlat......»»

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bulatlatRelated NewsMar 17th, 2024

Mandatory rainwater system in houses to reduce flooding sought

With the regular recurrence of dry spells, it is time to make the installation of a rainwater collection system “mandatory” in all buildings, residential or commercial, if only to mitigate flooding, according to a senior administration lawmaker......»»

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philstarRelated NewsFeb 26th, 2024

OFW aspirants told: Engage with licensed recruitment agencies only

CEBU CITY, Philippines — The regional director of the Department of Migrant Workers in Central Visayas (DMW-7) warned aspiring Overseas Filipino Workers (OFWs) to engage with only legitimate and licensed recruitment agencies. Lawyer Karl Arriola, DMW-7 director, told CDN Digital that even if he was a lawyer, he still subscribed to the doctors’ advice: Prevention.....»»

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inquirerRelated NewsMar 22nd, 2024

VP Sara ready to face ICC charges only before a Filipino court

Vice President Sara Duterte expressed her readiness to confront any allegations against her but insisted that she would only do so in front of a Filipino judge and within the jurisdiction of a Filipino court. In a statement on her Facebook page, she emphasized her refusal to participate in any process that could tarnish the reputation and integrity of the Philippine judiciary system. Duterte adamantly opposed the involvement of foreign entities in the country's legal affairs, citing it as a dishonor to the sacrifices made by Filipino heroes for the nation's freedom. Duterte, who previously served as vice mayor and mayor of Davao City, vehemently denied any involvement in the Davao Death Squad during her terms in office. She expressed dismay over the sudden appearance of a witness against her in the International Criminal Court (ICC) after assuming the vice presidency. Duterte dismissed the accusations and questioned the motives behind the allegations, asserting her capability to accomplish tasks without resorting to unlawful means. In a related development, President Ferdinand Marcos Jr. voiced his refusal to acknowledge the ICC's jurisdiction in the Philippines, considering it a threat to the country's sovereignty. He issued a directive for all government agencies to refrain from cooperating with the ICC, emphasizing the nation's non-recognition of the court's authority. Former senator Antonio Trillanes IV claimed that ICC investigators had gathered substantial evidence against former President Rodrigo Duterte regarding his administration's war on drugs. He anticipated an imminent issuance of an arrest warrant against the former president. Former President Rodrigo Duterte condemned the ICC's decision to initiate a preliminary investigation into the war on drugs, labeling it an insult to the Philippines and challenging the court's jurisdiction within the country. During his presidency, he initiated the withdrawal of the Philippines' membership from the Rome Statute, the treaty that established the ICC. The ICC appeals chamber recently granted a request to resume the investigation into alleged crimes against humanity related to the Philippines' controversial drug campaign, spanning from November 2011 to March 2019. The developments surrounding the ICC's probe into the Philippines' internal affairs have sparked a contentious debate, with key political figures and rights groups expressing divergent views on the matter. The ongoing tensions between the Philippines and the ICC underscore the complex intersection of international law, national sovereignty, and human rights issues......»»

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sunstarRelated NewsJan 24th, 2024

Philippines rescuers find girl alive 60 hours after landslide - Philippines

Three-year-old has given fresh hope of finding more survivors in a gold-mining village where death toll has climbed to 27 The rescue of a child nearly 60 hours after a landslide hit a gold-mining village in the southern Philippines has been hailed as a miracle after searchers had given up hope of finding more survivors. The girl, who the Philippine Red Cross said was three years old, had been among scores of people missin.....»»

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