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AN industry-wide study is needed to determine the ceiling of interest rates charged by nonbank financial institutions, such as mobile lending platforms, on borrowings, the Bangko Sentral ng Pilipinas (BSP) said.

BSP Financial Inclusion Group OIC Rochelle D. Tomas, in a webinar hosted by Home Credit Philippines on Wednesday, said the Central Bank is doing an…

MILLIONS OF new accounts have been opened with financial institutions to facilitate the receipt of government aid, mainly the Social Amelioration Program (SAP), but also to enable users to make digital payments and access credit during the pandemic, the central bank said.

“The COVID-19 pandemic actually induced a change in behavior in our consumer. Four million…

Nothing is more annoying for a motorist is to realize that you have zero balance or low balance in your electronic pass. The hassle and stress of being apprehended or asked to transfer to another booth because you don’t have enough balance is also an embarrassing experience.  Apart from the fact that you have to…

Inquiries and requests for credit score information increased significantly during the pandemic as more people apply for loans to help them cope with the crisis.

Lawyer Aileen Amor-Bautista, Credit Information Corporation (CIC) officer-in-charge president and chief executive officer, said inquiries for credit information were only about 10 a week before the pandemic.

“Now, we are getting around…

The Bangko Sentral ng Pilipinas (BSP) did not offer anew the 28-day term deposit facility (TDF) Wednesday but oversubscriptions were registered for both the seven- and 14-day facilities.

Data released by the central bank showed that the rate of the shortest tenor rose to 1.8813 percent and the 14-day to 1.9051 percent.

These were at 1.8466 percent…

Most of the Litex Market’s vendors at Commonwealth Avenue, Quezon City seem to have embraced digital payments with the aid of Rizal Commercial Banking Corporation’s (RCBC) DiskarTech app. They reported that about 197 out of 200 vendors have downloaded the app for their transactions.

These vendors join the growing number of “Negosyantech”, in the country. It…

THE central bank will carefully gauge the appropriate timing of unwinding its aggressive policy measures, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

“With the huge amount of liquidity injected into the system, we are fully aware of the need to carefully assess the appropriate timing of the unwinding of all these measures,” Mr.…

THE only way to come out stronger out of this crisis is to embrace digitization and prevent compromising the country’s growth in the next three decades, according to the World Bank.

In a presentation in a public webinar on Tuesday, World Bank Philippines Senior Economist Rong Qian said the extent of the Covid-19 crisis has far-reaching…

In the Philippines, the upcoming digital banking framework will trigger a wave of innovation and help address financial exclusion, experts said.

During a recent webinar, experts representing CIMB Bank, RCBC, Finastra and Microsoft, discussed the forthcoming digital banking license, arguing that the entrance of new, tech-driven players will shake up the industry for the better.

Vijay Manoharan,…

Opening up new bank branches is now less critical compared to before the pandemic since going digital has proven its effectiveness in bringing in more people to be part of the financial system, bank executive said Tuesday.

Ramon Duarte, Union Bank of the Philippines (Unionbank) Transaction Banking and Platform Development head, said he considers investing heavily…