qr code, quick response code, scanning

Payments via BSP-backed QR code standard surged amid pandemic

Retail financial transactions executed through the central bank-backed national quick reaction (QR) code standard have increased dramatically in recent months as the pandemic pushed more people toward contactless payment schemes, according to the central bank. In an online briefing, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said person-to-person payments using the “QR Ph” system —…

hands, smartphone, barcodes

QR code payments gaining traction among Filipinos, says BSP

Filipinos are becoming increasingly comfortable with using so-called QR or “quick reaction” codes when paying for purchases or making money transfers from one person to another—a sign that the “cash heavy” local economy is well on its way to “cash light” one. In particular, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno pointed to the…

city, window, architecture

PH banks strong, ready to fund economic rebound, says Diokno

The Philippine economy is well positioned for a sharp rebound after the coronavirus pandemic, thanks to structural reforms implemented after previous crises, especially in the banking system, according to the country’s chief financial regulator. In particular, Philippine banks are strong enough to weather the downturn brought about by the COVID-19 crisis due to their sufficient…

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PH business owners more upbeat for 2021, BSP survey shows

Filipino business owners are more upbeat about their prospects over the next 12 months as the economy began to adapt to the new economic landscape of the coronavirus pandemic, according to the central bank. In a press briefing on Thursday, officials of the Bangko Sentral ng Pilipinas (BSP) said the outlook on the country’s economy…

A gathering of business leaders

Philippines Inc.’s CSR efforts help country survive and, hopefully, end pandemic

In a country where the government’s response to any crisis is often, for one reason or another, inadequate and found wanting, the responsibility for marshaling resources to bridge the gap between what is available and what is needed often falls on the shoulders of the private sector. And the current pande­mic—arguably the biggest public health…