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...
Visa, a world leader in digital payments, has announced an open call for startups in the region including in the Philippines to apply for the Visa Accelerator Program 2023 to shape the future of payments. “It is exciting to see great products co-developed by the successful startups from the...
Debt payments of the national government dropped by more than half in October this year due to lower amortization, data from the Bureau of the Treasury showed. Marcos administration’s debt servicing reached P39.82 billion in October, down 55 percent more O89.06 billion paid out in the same month...
AF Payments Inc. (AFPI) sudsidized beep cards to the tune of P300 Million since it started operations in 2015, after clinching a concession agreement with the government, President and CEO JJ Moreno declared in his statement issued Monday, December 10. "For the record, AFPI does not profit from...
