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Jan 14 2021 BSP advances to gov’t to cease when economy recovers
THE CENTRAL BANK’S direct advances to the National Government are not considered as debt monetization and are temporary in nature due to the coronavirus crisis, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.
“No it’s not [debt monetization]. We’re not monetizing. This will not be a permanent feature of the fiscal and monetary relationship,”…
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Jan 14 2021 Bank lending growth remains at near zero
DESPITE the Bangko Sentral ng Pilipinas’s (BSP) aggressive rate cuts to boost the economy through lending, bank lending growth almost ground to a halt in November 2020 as restrictions and uncertainty on the future of the global health crisis continue to dampen economic sentiment in the country.
BSP data released on Thursday showed that bank lending…
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Jan 14 2021 Consumer Act, CREATE named DTI priorities
THE Trade department has asked the new chairman of the House committee on trade and industry to prioritize the passage of consumer protections and pricing laws.
Trade Secretary Ramon M. Lopez and Navotas Representative John Reynald M. Tiangco held their first virtual meeting Tuesday.
In a statement Thursday, the Department of Trade and Industry (DTI) said Mr.…
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Jan 14 2021 MSME digital shift hampered by poor internet, distrust of fintech
SLOW INTERNET connections and lack of trust in financial technology (fintech) services are hindering the transition to digital technology of micro, small and medium enterprises (MSMEs), the competition regulator said.
Speaking at a webinar organized by the Asian Development Bank (ADB) Wednesday, Philippine Competition Commission Chairman Arsenio M. Balisacan said that the digital shift accelerated by…
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Jan 13 2021 Policy rates to remain low — Diokno
THE Philippine central bank will keep benchmark interest rates low to support economic recovery amid a coronavirus pandemic, its chief said on Wednesday.
The Bangko Sentral ng Pilipinas (BSP) may also cut banks’ reserve requirements further to encourage lending and boost economic activity, Governor Benjamin E. Diokno said.
“It’s never too early at this time because the…
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Jan 13 2021 StaySafe.ph removes GPS, Bluetooth contact tracing to allay concerns
StaySafe.ph said its developer, Multisys Technologies Corp., ensured zero surveillance in the app as the current version now runs without the GPS and Bluetooth-enabled contact tracing features. The developer also enhanced the app’s QR code security to remove possible data exposure.
The software solutions company has also intensified the technical support that it deployed to assist…
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Jan 13 2021 FinTech industry, biz groups urge for quick enactment of Tax Incentive Law
The digital financial industry through the Fintech Alliance.PH together with 43 other private business groups in the Philippines express support for the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill and push for its quick enactment into law. In a joint statement, the groups urge Congress to prioritize the bill and enact it within…
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Jan 13 2021 Sotto: No need for 3rd stimulus after extension of Bayanihan II
SENATE President Vicente C. Sotto said he does not see the “necessity” for another stimulus package with the extension of the validity of the second package, known as Bayanihan II, to the end of June.
Mr. Sotto said a sequel to Bayanihan II, known more formally as the Bayanihan to Recover as One Act or Republic…
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Jan 13 2021 ‘Remarkable’ rebound seen this year
THE WORST is over for the pandemic-hit Philippine economy, and a “remarkable rebound” is expected this year, the central bank chief said on Tuesday, adding that the current accommodative monetary stance is sufficient for a revival in growth.
At the same time, Moody’s Investors Service raised its growth outlook for the Philippines to 7% this year…
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Jan 11 2021 DiskarTech Ranked as the Most Downloaded Finance App in 2020
DiskarTech, Rizal Commercial Banking Corporation’s (RCBC) virtual bank, has emerged as the Philippines’ number one finance app released in 2020 across distribution platforms in terms of downloads according to App Annie, global provider of mobile data and analytics.
DiskarTech had reached one million downloads just one month after its market launch. As of December 31, 2020, DiskarTech has been downloaded…