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MANILA – Mobile wallet GCash has announced that transactions in using MasterCard or Visa bank cards will be charged 2.58% convenience fee starting July 6, 2020. GCash said in a statement, that the fee will serve as the ‘direct charge of payment partners’ which will then be computed in the app for each transaction. As an example, if the customer’s cash in is P100 to his Gcash wallet, a minimal

The Asian Development Bank (ADB)

MANILA – The Asian Development Bank (ADB) has granted a $500 million loan to expand the Philippines ‘ war chest against the Covid-19 pandemic. The Manila-based multilateral bank said the loan help support the government’s conditional cash transfer (CCT) program to improve family, youth development and update the list of household living in the poverty threshold. The 3,000 households would also receive livelihood packages. The Expanded Social Assistance Project aims

Security Bank

The board of directors of Security Bank Corporation announced Sanjiv Vohra as, President and Chief Executive Officer (CEO) effective on July 1, 2019, subject to regulatory approvals. The bank announcement noted the retiring President and Chief Executive Officer Alfonso L. Salcedo Jr., will remain as director and will chair the Executive Committee. Its statement added that Rafael F. Simpao Jr. will be retiring as director effective June 30, 2019 and

Bangko Sentral ng Pilipinas

Bangko Sentral ng Pilipinas (BSP) stated the four-month surplus was due to the steady remittances and speculative hot money inflows in the first three months of 2019. Balance of payments (BOP) of the country had remained in surplus as of end-April at $4.265 billion, an improvement from what was reported in 2018 of a $1.497-billion shortfalls. According to the BSP, “The surplus may be attributed partly to remittance inflows from

Manny Pacquiao

Manny Pacquiao came to New York City on Monday to start off the press tour for his world welterweight title fight against undefeated American Keith Thurman. Their bout is scheduled exactly two months from now. Pacquiao, who holds the regular WBA title, aims to unify the WBA belts against Thurman, the current WBA (Super) champion. ‘Senator Manny “PacMan” Pacquiao arriving into NYC. People’s champ!#PacquiaoThurman’  — Sean Gibbons (@KnuckleheadSean) May 20,

Bangko Sentral ng Pilipinas

PearlPay signed a pilot program agreement with BHF Rural Bank, Inc. (BHF). The BHF bank is based in Dagupan City and operating seven branches. The fintech startup and mobile wallet enabler aims begin the pilot test program for a new generation of cloud-based financial services set to be launched in the Philippines targeting rural banking sector. Said agreement signals the first time a Philippine rural bank will utilize cloud-based technologies

Peso plunges to six-week low vs dollar

Peso sank to a six-week low against the dollar following statements from Governor Benjamin E. Diokno of the Bangko Sentral ng Pilipinas (BSP) about reducing banks’ reserve requirement ratio (RRR) quarterly. The peso shut the session at P52.70 versus the dollar on Tuesday, slumping by 50 centavos from the P52.20 finish on Monday. Marking the peso’s worst in more than six weeks or since P52.86 per dollar last January 24.

Diokno to 'strengthen' Bangko Sentral vs cyber threats

BSP Governor Benjamin Diokno stated Friday to further “strengthen” the monetary authority’s ability to enact on cybersecurity threats. Hackers previously transferred $81 million from Bangladesh Bank’s account at the New York Federal Reserve to a branch of the Rizal Commercial Banking Corp in Makati City considered the largest cyber heist on record, central bank increased cyber protocols in 2016. “Knowing that IT security issues have systemic implications, the BSP, under

Nestor Espenilla champions strong, inclusive bank

The Asian Development Bank (ADB) acknowledged yesterday the technological contributions of the later Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla making the Philippine banking system stronger and more inclusive. Espenilla passed away last Saturday at the age of sixty after a battle with cancer. In his message of condolences, ADB president Takehiko Nakao above said the multilateral development bank would likely support current banking reforms in the country