MANILA, Philippines — Remittances shrank by just less than one percent last year despite the displacement of close to half a million overseas Filipino workers (OFWs) due to the global health crisis, the Bangko Sentral ng Pilipinas (BSP) said. BSP Governor Benjamin Diokno said personal remittances slipped by 0.8 percent, while cash remittances coursed through […]
Read MoreMANILA, Philippines — The peso yesterday pierced the 47 to $1 level to hit its strongest level in more than four years as the country’s foreign exchange buffer eased in January from an all-time high in December. The local currency gained 11.5 centavos to close at 47.93 to $1 from Thursday’s 48.045 to $1. It […]
Read MoreIn changes to bank secrecy law MANILA, Philippines — Philippine banks want a “safe harbor” provision in the proposed amendments to the country’s bank secrecy law to shield industry players from possible civil liability in connection with any deposit examination by the central bank. In a position paper submitted to the Committee on Banks and […]
Read MoreMANILA, Philippines — It is about time the government raises the coco methyl ester (CME) content of biodiesel from two percent (B2) to five percent (B5) as The Philippine Biodiesel Association (TPBA) said the country already has over capacity among coco methyl ester (CME) producers. Moreover, Filipino motorists will benefit from the higher blend as […]
Read MoreMANILA, Philippines — Electronic money transactions processed by fintech companies led by PayMaya and GCash more than tripled as the shift to digital payments from the traditional mode of cash transactions accelerated amid the global health pandemic, according to the Bangko Sentral ng Pilipinas (BSP). Melchor Plabasan, director of the Technology Risk and Innovation Supervision […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is urging depositors to shift to digital transactions to avoid higher fees charged by banks on ATM withdrawals and balance inquiry transactions. “In addition to ATMs, customers may also access financial services or perform payment transactions through InstaPay and PESONet. Going digital provides speedy, safe and […]
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