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Feb 09 2021 House approves GUIDE bill
THE HOUSE of Representatives approved on final reading a proposed law that will provide state-run banks P10 billion to lend to distressed micro, small, and medium enterprises (MSMEs).
In their plenary session on Tuesday, lawmakers approved House Bill 7749 or the proposed Government Financial Institutions Unified Initiatives (GFI) to Distressed Enterprises for Economic Recovery or GUIDE…
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Feb 08 2021 BSP eases investment account rules
THE CENTRAL BANK is allowing financial institutions to set their own minimum balance for investment management accounts provided this is not lower than P100,000, making these products available to more people.
Circular No. 1109 signed by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Feb. 4 revised the P1-million minimum balance for investment management…
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Feb 07 2021 PH launches first ‘digital concierge banking’ from RCBC
As the change in the way of banking and lifestyle evolve wherein more branchless banking transactions are now made available online due the fact that it is safe, fast, and convenient, the Rizal Commercial Banking Corporation (RCBC) deploys a “digital concierge” feature at the service of its web users 24/7 for its depositors.With this, the…
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Feb 07 2021 Fintech firm opens PHL-Canada remittance channel
FINANCIAL technology (fintech) player Telcoin Pte. Ltd. recently launched a digital remittance window—which leverages on its blockchain-supported platform—between Canada and the Philippines.
Telcoin teamed up with GCash, which is operated by Globe Fintech Innovations Inc. (Mynt), in offering the service. The mobile wallet service provider has more than 33 million users in the Philippines.
“The opening of…
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Feb 07 2021 ‘Bayanihan 3’ bills filed, seen to revive economy
TO provide additional mechanisms to accelerate economic recovery, the leadership of the House of Representatives seeks the passage of P420 billion “Bayanihan to Arise As One Act” or the Bayanihan 3.
Speaker Lord Allan Jay Q. Velasco and Marikina Rep. Stella Luz A. Quimbo said they filed House Bill (HB) 8628 to further help stimulate the…
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Feb 07 2021 SEC rolls out tougher rules to fight money laundering
The Securities and Exchange Commission (SEC) is implementing stricter anti-money laundering measures in the stock market by requiring the disclosure of the identity of the beneficial owners of shares.
The new anti-money laundering rules are included in its SEC Memorandum Circular No. 1, Series of 2021, or the Guidelines in Preventing the Misuse of Corporations for…
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Feb 06 2021 LBP to open bank accounts for registrants in PhilSys
State-run Land Bank of the Philippines said it will facilitate the opening of bank accounts for registrants to the national identification system to ensure the speedy and efficient delivery of future government assistance programs.
In a statement, Cecilia Borromeo, Land Bank president and chief executive, said the lender has allotted more than P153 million for the…
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Feb 06 2021 BSP bats for EO; endorses bill for digital infra
The Bangko Sentral ng Pilipinas (BSP)-led Financial Inclusion Steering Committee (FISC) is strongly urging the quick approval of the proposed Open Access in Data Transmission Act and the signing of an executive order (EO) for satellite-based internet connectivity to accelerate the country’s shift from cash-heavy to a cash-lite society in two to three years.
BSP Governor…
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Feb 06 2021 Inflation uptick in Jan. will not lead to policy response – BSP
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the expected rising inflation – mainly temporary and are coming from supply-side pressures — does not warrant a monetary policy response, at least not yet.
“The projected uptrend in inflation is seen to be temporary,” said Diokno, adding that the “sources of near-term inflation pressures are…
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Feb 05 2021 Philippines Digibank Tonik Taps FinScore’s Alternative Credit Scoring Solution
Philippines digital bank Tonik has selected FinScore, a local alternative credit scoring company to process loan applications for its Filipino customers.
FinScore’s AI-powered telco data credit scoring solution will be integrated with Тonik’s digital banking platform.
The credit score will be based on data that draws upon over four hundred telco variables such as data and voice usage,…