The Bangko Sentral ng Pilipinas (BSP) and the Department of Labor and Employment (DOLE) are encouraging leaders of the labor and employer sectors to promote the use of safe and efficient digital wage payments.
The Bangko Sentral ng Pilipinas (BSP) has approved the lifting of the moratorium on the grant of new digital banking licenses starting Jan. 1 2025 and allowed a maximum of ten digital banks to operate in the country.
The Financial Services Cyber Resilience Plan (FSCRP) serves as a roadmap and primary framework aimed at enhancing the resilience of the financial services sector against cyber threats.
The share of digital payment transactions to total monthly retail payments in the Philippines grew from 42.1 percent in 2022 to 52.8 percent in 2023, according to the 2023 Report on E-Payments Measurement of the Bangko Sentral ng Pilipinas (BSP).
The Bangko Sentral ng Pilipinas (BSP) asked the public on Friday, July 12, to be more vigilant against scams because the use of artificial intelligence (AI) to create or manipulate fake videos and audios make them appear more believable.
The circular also covers the required turnaround time to return the funds to the sender’s account for fund transfers not received by the beneficiary. These periods are significantly shorter than the current response time of financial institutions which usually takes around two to three banking days.
The Bangko Sentral ng Pilipinas (BSP) asked the public to be discerning of the claim of a company called SK Pools Mining Corporation that its “products, services, and assets are licensed, authorized, guaranteed, verified, certified, or confirmed by the BSP.”
The Bangko Sentral ng Pilipinas (BSP) issued the memorandum apparently due to continuing complaints that some banks refuse to recognize the national ID as proof of identity because the card itself does not display the person’s signature.
The Bangko Sentral ng Pilipinas (BSP) said it is bullish on the sustained rise of digital payment technologies in the country, saying that 50 percent of retail payments are now in digital format.
