The Bangko Sentral ng Pilipinas (BSP) and the Alliance for Financial Inclusion (AFI) have jointly launched the “Agent Registry for Cash Agents”, a project that seeks to reinforce the BSP’s twin goals of financial inclusion and payments digitalization.
Voyager Innovations, the technology company behind e-wallet platform PayMaya and soon-to-be-launched digital bank Maya Bank, said it raised $210 million in new funds, propelling its valuation to unicorn status at nearly $1.4 billion.
The Department of Trade and Industry (DTI) has reminded online shopping platforms to ensure all products offered for sale in their sites should bear the Philippine Standard (PS) mark or the Import Commodity Clearance (ICC) sticker.
PEZA now says the CREATE law does not prohibit registered IT-BPM firms from conducting remote work or performing a portion of their activity outside the economic zones.
The Department of Finance said the IT-BPM firms can still implement a remote work arrangement for their employees but the companies must give up their fiscal incentives because these tax incentives are meant to be enjoyed inside an ecozone.
The BSP said it is crafting rules that will allow banks and e-wallet firms to establish a digital marketplace where they can partner with financial service providers to offer of financial products and services under a one-stop-shop platform.
In an order issued March 22, the SEC directed PesoKwento, Pondo Cash, TBAG, Cash Sky, Loan Cash, and East Cash to immediately cease and desist from engaging in any lending activity until they have incorporated and secured the requisite authorization from the agency.
The Securities and Exchange Commission (SEC) said it has revoked the license of Cashtrees Lending Corporation for launching and operating unregistered online lending platforms (OLPs) amid a moratorium imposed by the commission.
Pres. Rodrigo Duterte signed into law on Monday, March 21, Republic Act 11659 or the amendments to the Public Service Act (PSA), which allows full foreign ownership in key sectors including telecommunications, railways, airports, and shipping.
