Logo Homegrown fintech startup NextPay partnered with local online-to-offline (O2O) payments provider Ayannah so users can disburse funds to unbanked recipients, estimated at seven out of ten Filipinos. The partnership enables small businesses to send money to employees, suppliers, and customers...
Smart Padala by PayMaya, one of the leading financial service providers in the Philippines, and Western Union, a global leader in cross-border, cross-currency money movement and payments, have come together to offer Western Union money transfer services at select Smart Padala agents across the...
Senator Joel Villanueva said the funds intended for helping distressed overseas Filipino workers (OFWs) should be increased in the 2022 proposed national budget. Senator Joel Villanueva honors women overseas Filipino workers (OFWs) in observation of National Women’s Day during the hearing of the...
The Civil Aviation Authority of the Philippines (CAAP) has handed over P21.127 billion in remittances to the National Treasury from 2017 to 2020--a huge uptick when compared to its fiscal output in the years before the Duterte administration. CAAP Director General Jim Sydiongco (Screengrab from...
Bank-transferred remittances for the first month of 2021 was down to $2.603 billion or 1.7 percent lower from same period last year of $2.648 billion. The January cash remittances was also lower compared to December 2020’s $2.890 billion or by 9.9 percent, based on Bangko Sentral ng Pilipinas...
Overseas Filipinos’ cash remittances reached $27.013 billion as of end-November 2020, down 0.8 percent year-on-year from $27.231 billion same time in 2019, the Bangko Sentral ng Pilipinas (BSP) reported Thursday. The BSP had projected that cash remittances will contract by two percent in 2020 due...
Latest WB report on PH As many as 2.7 million Filipinos will slip into poverty this year due to the economic disruptions brought about by the coronavirus pandemic, the World Bank said. In a report, “Philippines Economic Update,” the Washington-based institution estimated that poverty rate...
WASHINGTON (AFP) - Developing countries are suffering a drop a key source of revenue as the coronavirus pandemic causes worldwide shutdowns, reducing payments from workers living abroad, the World Bank said. A new report estimates remittances to low- and middle-income countries are expected to fall...
COVID-19 impact milder than expected Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the contraction in remittances and the slowdown in foreign direct investments (FDI) is not as worse as they originally projected. “The impact of COVID-19 on the inflows of OF (overseas...
Cash remittances sent by overseas Filipinos via the banking system declined to $19.285 billion as of end-August, 2.6 percent lower than same period last year of $19.808 billion, the Bangko Sentral ng Pilipinas (BSP) reported Thursday. For the month of August only, bank-channeled remittances were...
Cash remittances sent by overseas Filipinos (OF) via the banking networks increased by 7.8 percent in July but January-July data still show a decline of 2.4 percent to $16.802 billion because of the COVID-19 pandemic. The 2.4 percent year-to-date (YTD) decline is recorded both for the cash and...
