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...
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...
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...
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...
More Filipinos are now part of the country’s formal financial system as more citizens get to open their own bank accounts. Bangko Sentral ng Pilipinas (BSP) data reveals that there has been a 6.8 percent increase from the number of...
In the Philippines, 70% of the people who are of age do not have a bank account. Majority of people, even if they do have some savings and extra money every month choose to save them in a traditional way...
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...
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"]...
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...
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...
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...