By Melissa Luz T. Lopez, Senior Reporter BANKS and e-money issuers have set up a new clearing house for real-time fund transfers yesterday, with seven lenders now able to process interbank transactions in a matter of seconds. Industry players unveiled the InstaPay platform on Monday, which serves as an automated clearing house to process payments across accounts […]
Read MoreGovernment spending surged in March, a Cabinet official said on Monday, resulting in a substantially higher first quarter budget deficit. Quoting a preliminary Bureau of the Treasury report, Finance Secretary Carlos Dominguez 3rd told reporters that the January-March shortfall had reached P162.2 billion. “[It] is P57.8 billion lower than program with good revenue performance,” he […]
Read MoreWith a dynamic economy and a large population proficient with digital technologies, the Philippines is a fast-growing market for e-commerce in Southeast Asia. Several websites and digital applications are already fighting for market share, with global, regional and national players trying to come up to the leader. The growing connectivity of the Philippines, rapidly overcoming the country’s infrastructure difficulties, […]
Read MoreMANILA, Philippines — Inflation may exceed the central bank’s two to four percent target for 2018 due to the implementation of the tax reform law, according to a survey conducted by the Bangko Sentral ng Pilipinas (BSP). Zeno Ronald Abenoja, director at the BSP’s Department of Economic Research, said the central bank’s Private Sector Economists’ […]
Read MoreMANILA, Philippines — The Philippines is the third largest remittance receiving nation in the world in 2017, according to a World Bank report Monday. The country maintained its position with $33 billion (P1.72 trillion) of remittance inflows. Remittances from more than 10 million overseas Filipino workers are the second largest source of foreign exchange for […]
Read MoreForeign portfolio investments swung to a net inflow of $1.13 billion in March, the highest in more than three years, after the government successfully raised P12 billion ($230 million) from the maiden issuance of Panda bonds, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. The latest figure was the highest since the country registered a […]
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