In its 10th meeting held on Tuesday, February 2, the Financial Inclusion Steering Committee (FISC) agreed to endorse legislative priorities aimed at enhancing the country’s digital and credit infrastructure as critical enablers of financial inclusion.
The Bangko Sentral ng Pilipinas (BSP) and the Bureau of Fisheries and Aquatic Resources (BFAR) said they will use an interactive game to teach financial education (fin-ed) to about 1.9 million fisherfolk nationwide.
BSP governor Benjamin Diokno said the common crimes committed included fraudulent card usage and unauthorized or disputed transactions due to phishing e-mails and stolen one-time password (OTP).
The new framework expanded the activities subject to the licensing regime of the BSP from initially covering those involved in facilitating the exchange of virtual currencies.
According to the complaint filed at the Office of the Ombudsman, the BSP violated the Government Procurement Reform Act (GPRA) when it required a specific brand -- OVD Kinegram AD -- for the materials to be used in the cards.
The Bangko Sentral ng Pilipinas (BSP) has approved the recognition of digital bank as a new bank category that is separate and distinct from existing bank classifications.
BSP governor Benjamin Diokno said that if the multiple daily clearing of PesoNet transactions works smoothly, then the central bank will allow clearing for these transactions on weekends and holidays.
Suspicious transaction reports (STRs) submissions by electronic money issuers (EMIs) rose by 688 percent, while submissions by pawnshops and money service businesses (MSBs) increased by 51 percent.
Current indicators show that the Philippines is ready to shift to digital payments and other financial technology (fintech) innovations. The Philippine government, particularly the...
Online crimes and threats were prevalent during the earlier days of the community quarantine but these were sufficiently addressed by local banks and other financial institutions, the Bangko Sentral ng Pilipinas (BSP) said.
