Daily Archives

The Bangko Sentral ng Pilipinas (BSP) is ready to implement a new law allowing the banking sector to offload about P152 billion worth of bad loans, even at a substantial discount, to ensure a sound and safe financial system as the country recovers from the impact of the COVID-19 pandemic.

BSP Governor Benjamin Diokno said the…

Mobile wallet GCash is exploring the possibility of adding cryptocurrency to its growing portfolio of financial products and services.

GCash president and chief executive officer Martha Sazon said the company, which is operated by Globe Fintech Innovations Inc., is looking into offering, buying, selling and storing cryptocurrency.

“While we may be considered a disruptor now, it is important…

Increased digitalization and accelerated work-from-home arrangements in response to the COVID-19 pandemic may further expose the banking industry to cybercriminal activities, according to S&P Global Ratings.

In a report, S& P analyst Irina Velieva said cyberattacks could harm the credit ratings of financial institutions mainly through damage and potential monetary losses.

“Cyberattacks have had only a limited…

For cash agents, remittance centers

Banks with cash agents should ensure customers have access to information verification and could easily file complaints when needed as part of stricter rules on cash agent operations, according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier.

Fonacier also said that non-banks with remittance and transfer companies (RTCs) are…

THE Senate is poised to pass a resolution pressing for a crackdown against loan sharks and cast a wider net to catch on-line lending scam firms beyond the reach of Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC).

Sen. Sherwin T. Gatchalian, vice chairman of the Senate Committee on Banks and Financial…

BUSINESS GROUPS are calling for the urgent passage of pending economic bills before Congress’ sine die adjournment this week.

However, the House of Representatives said it will fast-track the approval of priority bills, but particularly the Bayanihan to Arise as One Act (Bayanihan III) and the economic Charter change resolution, before adjournment on June 4.

“We resume…

THE Philippine Statistics Authority (PSA) received backing from the Bangko Sentral ng Pilipinas (BSP) in its recent advisory emphasizing the Philippine Identification (PhilID) card as the official proof of identity for transactions with government and private entities.

In a statement on Friday night, the central bank also congratulated the PSA on the positive launch turnout of…

Thirteen more private sector groups want certain provisions of a bill seeking to amend the Public Service Act to be revisited to ensure the measure would lead to more foreign investments in the country.

Cebu Business Club, Cebu Leads Foundation, Financial Executives Institute of the Philippines, Fintech Alliance.ph, Guild of Real Estate Entrepreneurs and Professionals Inc.,…