The BSP made the pronouncement following reports that local banks are refusing to accept the PhilSys ID as a valid proof of identity because it does not feature a signature of the ID holder.
In the Philippines, 100 percent of banks said they will continue to invest in compliance in the year ahead and 41 percent plan to significantly increase this investment in 2021.
Banks are urging the general public to utilize digital and online platforms for their payment requirements and inquiries as the government implements community quarantine to address the rise of Covid-19 cases.
Small farmers and fisherfolk will soon have easier access to affordable financing to help increase their productivity as well as expand their connections to markets with FinTQ?s? Accelerated Growth and Rural Inclusion (AGRI) platform.
Cash machines remain antiquated and prone to fraud because the Bangko Sentral ng Pilipinas (BSP) is taking time to allow banks to raise fees for upgrades.
Recognizing the power of social media, the Bangko Sentral ng Pilipinas (BSP) has released new guidelines on social media which local banks must observe to avoid or mitigate various types of risks.
