Adoption of digital financial services is increasing rapidly as mobile and internet penetrate all corners of the nation. For most unbanked and underserved, the transition to digital is gaining a boost from the traditional and most fundamental retail presence on the ground–through sari-sari shops driven by PayMaya’s Smart Padala. Kenneth Palacios, Director and Head of Wallets Business at PayMaya, For financial inclusion attempts to bear fruit, they should be able
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Both governments of Japan and the Philippines engaged a $202.04-million loan agreement to finance the development a road network in conflict areas in Mindanao. A statement on Wednesday by the Department of Finance (DOF) stated Philippine and Japanese officials signed the loan accord in New Clark City late Tuesday. The arrangement calls for Japan to provide an official development assistance loan for the construction and improvement of roads in Mindanao’s
Foreign currency influxes made the Philippines dollar reserves higher in May, marking its seventh straight month of increases, the central bank said on Friday—a development that bodes well for the strength of the peso and industries that buy raw and intermediate materials from abroad. Bangko Sentral ng Pilipinas Governor Benjamin Diokno said in a statement that preliminary data showed that the country’s gross international reserves rose to $85.02 billion as
Malacañang Palace stated on Thursday that it was not worried about the 3.2-percent rise in inflation in May, adding this was still within the range estimated by the Bangko Sentral ng Pilipinas. Salvador Panelo, the Presidential spokesperson made a statement that there was no cause for alarm over the uptick in inflation, and that it does not indicate a reversal in the inflation slowdown. “The 3.2-percent inflation rate in May
MANILA – An Indian business group calls for the legalization of “five-six” or the informal micro-lending scheme often associated with Indian money lenders, stating it will benefit both small businessmen and consumers. Five-six schemes are known for having a 20-percent interest on small loans that are payable in a week. In 2016, President Rodrigo Duterte criticized five-six, saying exorbitant interest rates were “killing” the Filipino entrepreneur’s spirit. However, an official
The Philippine government loaned more in the first three months of the year to support the Duterte administration’s infrastructure program as well as bridge the projected budget deficit, data from the Bureau of the Treasury broadcasted. The national government’s total borrowings in the first-quarter jumped by 202 percent to P623.6 billion from P206.18 billion in the same period last year and bulk of which was sourced from the domestic market.
Asian Development Bank (ADB) permitted a $300-million loan to fund the Philippine government’s projects to attain inclusive growth for around 20 million high school pupils to expect enhanced access to “high-quality secondary education that responds to labor market needs.” Lynnette Peres, ADB senior education specialist for Southeast Asia said, “Sustaining the Philippines’ strong growth momentum will require a workforce equipped with the appropriate set of advanced skills and knowledge to
The country’s central bank stated on Thursday they have moved to issue further liquidity into the Philippine financial system amid an environment of declining inflation and lower economic growth in the first quarter of 2019. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno stated to the press that the amount of cash banks is required to immobilize in their vaults will be reduced by 200 basis points in three stages
Department of Finance (DOF) urges the private sector to participate in more infrastructure projects aimed at improving the country’s ports and building more terminals around the country. Finance Secretary Carlos G. Dominguez III encouraged Asian Terminals Inc. (ATI) and its shareholder Dubai’s DP World to participate in the infrastructure projects of the government during a speech on Monday at the inauguration of Berth 2 of the Batangas Container Terminal (BCT).
The country comes closer to securing a single-A credit rating from Japanese Credit Rating (JCR) Agency, after the debt watcher raised its outlook on the country to BBB+ positive from BBB+ stable. A statement showed the government’s Investor Relations Office (IRO) noted JCR upgraded the outlook on the Philippines because of the “government’s twin efforts to accelerate infrastructure development and boost revenues through tax reform.” “JCR’s BBB+ rating with positive