Open Finance and payments platform i2i has been providing financial services to micro-business owners like Mang Efren, a vegetable stall owner in Cebu. Mang Efren was able to pick up his approved loan proceeds conveniently from the nearest partner remittance center through i2i, currently the fastest-growing Open Finance and payments platform in the country. UBX…
The privately held technology company behind the PayMaya mobile wallet successfully raised , or over P8 billion, to fund its expansion and an upcoming digital bank. Voyager Innovations said on Monday the money came from existing investors PLDT Inc., China’s Tencent, global investment firm KKR and the International Finance Corp., through IFC Financial Institutions Growth…
High inflation seen persisting throughout the year and vaccine hesitancy may slow the Philippines’ economic recovery, but the government is still confident that rebound from the pandemic-induced recession is just around the corner. In an economic bulletin Monday, Department of Finance (DOF) Undersecretary and chief economist Gil Beltran noted the 20.7-percent growth in total external…
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…
Accounting for the majority of the total businesses in the country and generating more than half of the country’s total employment before the COVID-19 pandemic hit in March of last year, the health of micro, small and medium enterprises (MSMEs) is as much a concern for the Philippines as the physical well-being of its population.…
Amid expectations of slower growth this year, the Bangko Sentral ng Pilipinas (BSP) has committed to sustain its short-term financing arrangement with the national government and assist in economic recovery, Governor Benjamin Diokno said on Friday. At the Washington-based Institute of International Finance’s (IIF) 2021 Asia-Pacific Summit, Diokno said the BSP had already released P2…
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…
This year’s International Women’s Day theme is , where all of us, not just women, are asked to challenge and call out gender bias and inequality and to seek out and celebrate women’s achievements. Citi Philippines held a fireside chat last March 8 to commemorate International Women’s Day, and four women who have made…
The Philippine economy contracted by 9.5 percent in 2020, the country’s worst performance since World War II. Colliers believes that the successful rollout of the COVID-19 vaccine will play a crucial role in the country’s economic recovery. The government-projected economic recovery in 2021, albeit slow, will likely support the growth of the property sector. We…
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…