The Bangko Sentral ng Pilipinas (BSP) is taking bold steps to promote a cash-lite economy by proposing the removal of service fees for certain electronic fund transfers. The initiative, outlined in a draft circular, aims to make person-to-person transfers and payments to micro, small, and medium enterprises (MSMEs) ...
According to the Bangko Sentral ng Pilipinas (BSP), digital transactions continued its growth in 2023 with the volume of the transactions conducted via PESONet and InstaPay increasing by 46.8% in 2023. The two are the first automated clearing houses in the country under the National Retail Payment System, with the ...
President Ferdinand Marcos Jr. signed the Maharlika Investment Fund bill into law earlier today amidst warnings that it may put the economy at risk. Maharlika Investment Fund Law The Maharlika Investment Fund itself is a sovereign wealth fund that the government will use to invest in foreign currencies, ...
Back in March, the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) approved guidelines that help the full transition of all quick response (QR) code-enabled payments to the National QR Code or QR Ph. BSP QR Ph Full Transition Starting July 1, 2023, BSP-supervised financial institutions (BSFIs) acting as ...
According to the latest data from the Bangko Sentral ng Pilipinas (BSP), electronic fund transfers that went through PESONet and InstaPay have already hit PHP 3.81 trillion in the first four months of 2023. This figure in the same period last year was just PHP 2.92 trillion; that's a 30.1% increase year-to-year. ...
The Bangko Sentral ng Pilipinas (BSP) has just reminded the public to regularly inspect bills for authenticity to protect against counterfeiting. The monetary authority suggests looking at the “feel, look, and tilt” of the bills. “Should a banknote dispensed by an ATM be suspected as a counterfeit, the holder is ...
The Bangko Sentral ng Pilipinas (BSP) has just ordered Lyka to stop its operations as an Operator of Payment System (OPS). “It has come to our knowledge that Lyka, a social media platform launched in the Philippines by a Hong Kong-based company, allows its users to purchase, exchange, and use Gift cards in ...
The Bangko Sentral ng Pilipinas (BSP) has just updated its list of banks extending its waiver of fees for InstaPay and PESONet transactions until March 31, 2021. Some of the banks include the Philippine National Bank, Security, Bank, and Union Bank of the Philippines. The Rizal Commercial Banking Corporation (RCBC), ...
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