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Dec 20 2020 Technology UGNAYAN 2030 leads to Digital Resilient PH
Business moguls, Information and Communications Technology experts, and Academia believe that digital transformation will spell a big diffence in the growth and development of the economy, or to lead to the economic recovery.Cisco, the worldwide leader in technology, launched UGNAYAN 2030, a collaboration framework with government leaders, industry, and academia aimed at building greater digital…
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Dec 20 2020 BSP sets reserve rules for the holidays
THE CENTRAL BANK issued guidelines for the computation of reserve requirements for both banks and quasi-lenders for the upcoming holidays amid reduced reserve days.
Memorandum No. M-2020-094 signed by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier on Dec. 18 said the central bank will merge the week leading to Christmas and the New…
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Dec 20 2020 PH new e-commerce solution to support enterprising Filipinos
Globally and locally, the lockdown forced upon us by the coronavirus pandemic disrupted the lives of everyone we know. It has caused anxiety as health and safety concerns coupled with economic and income uncertainties weighed down every Juan and Juana, setting back a broad spectrum of businesses.While we know that many businesses folded up, as…
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Dec 17 2020 Finance Chief: Digitalization transformation top priority of BIR, BOC
Ensuring efficiency. seamless and on time, the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC) have put their respective digital transformation programs on the fast lane this year even amid the COVID-19 pandemic to further improve tax administration for the benefit of taxpayers and raise the collection efficiency of these agencies.
In separate reports…
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Dec 17 2020 Fintech group wants industry-crafted rules
THE CENTRAL BANK should allow market players to develop their own open finance framework, with the Bangko Sentral ng Pilipinas (BSP) only providing support when needed in the process, an industry group said.
Through open finance, permissioned data sharing and third-party access is extended to a wider range of financial sectors and products in a bid…
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Dec 17 2020 FINTECH.PH top brass pushes for open finance regime
The evident role of the digital economy in a country empirical as this made transactions safe, fast, and efficient notwithstanding the fact that this empowers many people and defies the borders and space.Corollary to this, the FinTech industry in the Philippines supports Bangko Sentral ng Pilipinas adoption of an open finance regime to serve as…
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Dec 16 2020 BSP proposes self-governing open finance body
The Bangko Sentral ng Pilipinas (BSP) is proposing the creation of an Open Finance Oversight Committee (OFOC), an industry-led self-governing body, as part of the country’s open finance framework.
Based on the draft circular on open finance, the BSP said the OFOC which it will oversee, will set its own standards and procedures and promote “non-discriminatory…
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Dec 16 2020 Plans for the Launch of Philippines Fintech Sandbox Are Underway
The two Philippines fintech groups, Fintech Alliance.PH and Fintech Philippines Association, announce plans to collaborate on the launch of the Philippines Fintech Industry Sandbox which is supported by the UK Prosperity Fund ASEAN Economic Reform Programme (ASEAN ERP). The initiative was announced during the World Fintech Festival which is a satellite event at the Singapore Fintech Festival 2020.
The…
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Dec 15 2020 How MSMEs can seize opportunity under the ‘New Normal’
The global economic impact of the pandemic that put it in a standstill has affected many business sectors, and in the Philippines the micro, small and medium enterprises are greatly affected given the fact that this sector is backbone of the economy.
The undeniable impact of the coronavirus pandemic and the varying degrees of quarantine measures…
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Dec 15 2020 PHL finishes in lower half of rankings for digital readiness
THE PHILIPPINES was ranked towards the lower half of a 90-country study on digital infrastructure quality, according to a study conducted by Tufts University in Massachusetts and Mastercard, Inc.
The study, Digital in the Time of COVID, classified the Philippines as among those countries that need to “reduce its infrastructure friction for better digitalization.” It ranked…