The Bangko Sentral ng Pilipinas (BSP) has approved the suspension of licensing fees for mobile applications and digital channels that provide electronic payment and financial services (EPFS).
BPO firms were largely unprepared for a total work-from-home model, and had to overcome challenges related to Internet access, equipment transfers, and clearance requirements from clients.
The 168-year-old Bank of the Philippine Islands (BPI) said it is on an “inflection point” towards massive sea-change with digital transactions now far outstripping traditional branch transactions.
Data from the Bangko Sentral ng Pilipinas showed that transactions using PesoNet and InstaPay visibly increased compared before the lockdown due to restrictions in movement of people outside of their houses.
The Philippine Disaster Resilience Foundation (PDRF) has advised companies affected by the Covid-19 contagion to explore online solutions for marketing strategies and prepare for long-term disruption.
The operators of the lending apps employed abusive collection practices, which constituted unfair debt collection practices expressly prohibited under an SEC Memorandum Circular.
The Securities and Exchange Commission (SEC) has identified four more unauthorized online investment schemes, including rackets possibly operated by previously flagged groups under new names.
Eligible employees under the Small Business Wage Subsidy (SBWS) program will be able to receive the cash assistance straight to their PayMaya accounts once disbursements commence in May.
