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Jan 28 2021 Card concerns dominate consumer issues raised to BSP
CONSUMERS RAISED concerns mostly related to credit card issues and the loan holiday last year, with the Bangko Sentral ng Pilipinas (BSP) also observing a spike in financial crimes.
“Through the regular consumer assistance mechanism and BOB (BSP Online Buddy), the BSP processed approximately 23,000 concerns from the public as of the last quarter of 2020,”…
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Jan 27 2021 Finastra, HCL to Provide Cloud-Based Digital Treasury Management for Filipino Banks
Finastra, a financial services software and cloud solutions provider, announced a partnership with HCL Technologies, an Indian multinational technology company, to provide treasury management technology in the cloud to smaller banks across the Philippines, India, Northern Europe and North America.
The partnership brings to market a new Digital Treasury as a Service offering, which enables banks…
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Jan 27 2021 Companies face budget, regulation issues in digital transformation
BUDGET, regulations, cybersecurity, and inability to appreciate the benefits of technologies remain the top constraints that keep some companies from going digital, business leaders said.
Budget is a major constraint “because digital transformation is not cheap,” said David L. Almirol, Jr., chief executive officer and founder of software development and IT solutions provider Multisys Technologies Corp.,…
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Jan 26 2021 DTI to ensure compliance of firms with health protocols
The Department of Trade and Industry (DTI) is focusing on efforts to improve the compliance of business establishments with minimum health protocols to raise consumer confidence.
Trade Secretary Ramon M. Lopez on Tuesday said the DTI respects the decision of President Duterte’s to raise the age restriction back to 15 years old. The Interagency Task Force…
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Jan 26 2021 BSP tightens watch on VASPs
THE CENTRAL BANK has tweaked its regulations to cover more types of virtual asset service providers (VASPs) and better guard against risks amid the heightened use of these services.
“This is in line with the thrust of the Bangko Sentral to promote financial innovation while remaining sensitive to the attendant risks. The said guidelines amended the…
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Jan 26 2021 Slower recovery seen for PHL this year
THE Philippines will likely see a slower pace of recovery this year, as the International Monetary Fund (IMF) and a United Nations (UN) think tank trimmed their growth forecasts amid uncertainty over the vaccine rollout and continued restriction measures.
The IMF cut its gross domestic product (GDP) forecast for the Philippines to 6.6% this year, from…
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Jan 25 2021 Peso weakens on rise in new COVID cases
The peso weakened against the dollar Friday on the sustained increase in the daily tally of new coronavirus cases.
The currency closed at P48.085 to the dollar Friday, against its finish of P48.054 Thursday, according to data from the Bankers Association of the Philippines.
The peso opened at P48.07, hitting a low of P48.095. The high was…
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Jan 25 2021 Amid rising scams, CCAP supports SIM registration
TO reduce credit card scams, an industry group is calling for the speedy approval of a bill aimed at requiring the registration of all SIM (subscriber identity module) cards used in mobile phones.
The Credit Card Association of the Philippines (CCAP) said that House Bill 7233 (SIM Card Registration Act)—approved in the 17th Congress and endorsed…
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Jan 25 2021 NEDA warns no FINL easing without economic reform bills
SOCIOECONOMIC planners warned Congress that failure to pass pending reform legislation will likely stall the opening up of the economy, adding that without such laws, it may not be possible to expand foreign investment to more industries.
If passed, pending legislation amending the Public Service Act, the Retail Trade Liberalization Act, and the Foreign Investments Act…
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Jan 24 2021 PayMaya increases touchpoints in PHL
Financial technology (fintech) player PayMaya claimed on Sunday it now has “the largest footprint of financial transactions nationwide,” as it expands its touchpoints to over 200,000 — even larger than that of all Philippine banks combined.
Shailesh Baidwan, President of PayMaya, said these touchpoints enable the 28 million PayMaya users to pay, add money, cash out,…