What do micro, small and medium-sized enterprise (MSME) lifelines and the trajectory that the Department of Finance (DOF) wants to take have in common? The guests of the third and final leg of Inquirer Project Rebound’s MSMEs webinar series unanimously agree that both are anchored in financial technology (fintech). For MSMEs, the steady increase of…
Philippine exports are on track toward closing the year with better numbers and sustain the sector’s improved performance in the first half as the country and the rest of the world continue to recover from the coronavirus pandemic, according to the central bank. In an online briefing on Thursday, Bangko Sentral ng Pilipinas Governor Benjamin…
Lending by banks to small businesses has skyrocketed since the central bank approved a measure to count these loans as an alternative form of compliance with the reserve levels required of financial institutions. According to Bangko Sentral ng Pilipinas Governor Benjamin Diokno, the banking system allocated an average of as alternative compliance with the reserve…
The recovery of the Philippine economy from its worst postwar contraction last year is starting to gain traction as evidenced by the strength of the latest key indicators, the head of the central bank told foreign businessmen and diplomats recently. Speaking before the Joint Foreign Chambers, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said economic…
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 —…
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…
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…