payment systems

BSP to Release Implementing Guidelines for National Payment Systems

Recognizing the important role of payment systems in a stable financial system and in realizing monetary policy objectives, the Bangko Sentral ng Pilipinas (BSP) will soon be coming out with the implementing rules and regulations (IRR) of the National Payment...
dollar remittance

Dollar Remittances Reach $2.75B in January 2019

The Bangko Sentral ng Pilipinas (BSP) records a slight increase in the amount of dollar remittances from Filipinos abroad in January 2019, as compared to the same period last year. BSP Governor Benjamin Diokno said that personal remittances posted a...
electronic payment

More e-Payment Services in the PH After BSP Streamlines Licensing Policies

Aiming to promote digital innovations and to increase the availability of safer and more efficient channels for delivering banking, payment, remittance, investment, and other financial services, the Bangko Sentral ng Pilipinas (BSP) streamlines licensing requirements for the approval of electronic...
DOLLAR

OFW Remittances Hit Record-High at $2.8B

December 2018 saw a surge in the cash remittance from overseas Filipino workers (OFW). As such, the country hit a full-year growth outpacing Bangko Sentral ng Pilipinas’ (BSP) growth forecast, though 2018 had the slowest annual increase recorded. According to...
Virtual Currency

BSP To Approve Accredited Companies To Operate Virtual Currency Exchanges

In response to the growing number of Bitcoin investors after it rose to an all-time high this year, the Bank Sentral ng Pilipinas (BSP) is taking precautionary measures to enhance the protection of the financial consumers. Bitcoin hit another all-time...
NGC 1

Newly Enhanced Banknotes Circulated By BSP

Last week, the central bank released a newly designed P5 coin that was circulated last December 1 to commemorate the 154th anniversary of Andres Bonifacio. The other newly designed coins will start circulating on January 2018. [caption id="attachment_8826" align="aligncenter" width="640"]...
Metrobank Image

Metrobank Receives Sanctions From BSP Over P1.75-B Internal Fraud

In July, the second largest bank in the Philippines, Metrobank, reported a massive internal fraud that caused the bank P1.75 billion. Metrobank filed charges against Metrobank’s corporate service management division head and account service manager Ma. Victoria Lopez. In the...
100 peso bill

BSP Releases New 100 Banknotes

Several months ago, Senator Aquilino "Koko" Pimentel urged the Bangko Sentral ng Pilipinas to explain why the 1000 and 100 peso bills looked so much alike. The senator said that he received a lot of complaints from the public regarding...
BSP-building

BSP Sets New Regulations on Marketing of Financial Products

Due to the complexity of financial products being offered in the market, BSP has issued new rules for its supervised financial institutions to prevent clients to invest in unsuitable products. BSP Gov. Amando Tetangco Jr. said, "They (banks) have to have...