More money is expected to flow out of the Philippines over 2025 and 2026, as the country is projected to import more than it exports and the services sector is seen to underperform, according to the Bangko Sentral ng Pilipinas (BSP). “The Philippine balance of payments (BOP) position is projected...
The Philippine Competition Commission (PCC) has launched a second phase of review for GCash’s planned acquisition of a 100-percent stake in Electronic Commerce Payments Inc. (EC Pay) for P3 billion. In an emailed statement on Friday, Nov. 22, the competition watchdog said a second round of review...
The Philippines posted a lower balance of payments (BOP) surplus of $1.441 billion as of end-June amid a narrowing trade deficit and net inflows registered by the central bank. Based on the latest data from the Bangko Sentral ng Pilipinas (BSP) released Friday, July 19, the first semester BOP tally...
Debt payments made by the government decreased in February due to lower principal payments made to domestic creditors, data from the Bureau of the Treasury showed. The national government's debt servicing reached P293.61 billion last February, 22 percent lower than the P375.71 billion paid out in...
The Bureau of the Treasury reported that the national government has spent over three times on debt payments in the first month of the year due to significant amortization obligations. In January 2024, the government's debt servicing expenses totaled P158.9 billion, a substantial 232 percent...
The Philippines’ current account deficit shrank by 38.6 percent to $11.2 billion last year (equivalent to -2.6 percent of the country’s gross domestic product) from P$18.3 billion in 2022 (equivalent to -4.5 percent of the country’s GDP) The Bangko Sentral ng Pilipinas said “The lower...
The country’s balance of payments (BOP) is seen to register a slight surplus this year, but will reverse into a deficit in 2025, based on the latest projections approved by the Monetary Board that incorporate most recent data and developments. “The emerging external outlook for 2024 and 2025 is...
Globe Telecom is consolidating its payments-related businesses by selling Electronic Commerce Payments Inc. (ECPay) to subsidiary Globe Fintech Innovations Inc. (Mynt), the parent company of GCash, in a transaction worth P2.31 billion. In a disclosure to the Philippine Stock Exchange (PSE), Globe...
CAGAYAN DE ORO CITY – A group of tricycle drivers and operators in this city has shunned digital payments because it is not applicable to their public utility vehicle. Paul Cempron, chairman of the Federation of Motorela Drivers and Operators in Cagayan de Oro, said the enactment of proposed...
CAVITE – The city government of Dasmariñas signed a memorandum of agreement (MOA) that will allow entrepreneurs to settle their business permit fees through Starpay digital payment system. Mayor Jennifer Austria-Barzaga and Starpay head of Growth Richard Rosettes signed the MOA, together with...
Pouch has partnered with Strike to facilitate fast, secure, and low-cost remittance payments from the U.S. to the Philippines. Customers, including Filipino expats in the U.S., can now send U.S. dollars to the Philippines and have the funds received as Philippine pesos in a recipient's bank or...
Mobile wallet GCash has partnered with the Bangko Sentral ng Pilipinas (BSP), Department of the Interior and Local Government (DILG), and the local government of Tagbilaran City for this week's rollout of the Paleng-QR Ph program. The Paleng-QR Ph program of the BSP and DILG seeks to build the...
