Philippine News Agency

BSP Center for Learning and Inclusion Advocacy managing director Pia Bernadette Roman-Tayag said fintechs are helping people in their everyday lives, there is a need to “look past the hype and constantly discern whether they have the real potential to solve financial inclusion problems and the real pain points that lead to inclusion.”

The report from the United States Chamber of Commerce’s (USCC) 2020 International Intellectual Property Index showed the Philippines ranked 37th out of 53 economies, scoring 39.94 percent in 2020 from its 36 percent score in 2019.

Grab Philippines said on-demand and platform-based motorcycle taxis are “effectively competing” with Grab, as withdrawing motorcycle taxis would limit consumer choices on transportation.

DOST secretary Fortunato dela Peña said he is expecting more intellectual property (IP) applications and approvals with the recent launch of the National Intellectual Property Strategy (NIPS) 2020-2025.

E-payment usage has also significantly gone up, rising from just 1 percent in 2013 to 10 percent in 2018.

Government authorities have signed the implementing rules and regulations (IRR) for the law providing incentives to local startups.

The BSP and several payments industry players also launched a program called QR PH, which is eyed not only to increase e-payments, but also to secure payment transactions.

BSP governor Benjamin Diokno said the use of QR codes is safer than bringing cash since people are less vulnerable to theft and counterfeit money.

The DTI is pushing a P300-million budget for the implementation next year of a new law providing incentives to registered startup companies, as it hopes to release its IRR within this month.

The amount will be used to support industries that will undergo digital transformation and businesses undertaking innovation activities.