Digital payment transactions via PESONet and InstaPay increased by 51.5 percent to ₱2 trillion in June this year, from ₱1.32 trillion in the same month last year, the Bangko Sentral ng Pilipinas (BSP) reported. This represents a ₱680-billion increase from June 2024, according to the BSP data....
Filipino consumers have become more trusting of digital payment methods, as data from the Bangko Sentral ng Pilipinas (BSP) showed that the value of people’s transactions climbed to more than half of total monthly retail transactions in 2024. According to the central bank’s 2024 report on the...
The local unit of Singapore-based e-commerce giant Shopee is rolling out proactive measures to ensure full compliance by sellers on its platform with the law cracking down on illegal activity in online shopping. In a statement to Manila Bulletin, Shopee Philippines said it will maintain its...
While several digital banks are interested in securing banking licenses from the Bangko Sentral ng Pilipinas (BSP), only one foreign digital bank has formally submitted an application, offering to plug the credit scoring and other gaps in existing entities. BSP Deputy Governor Chuchi G. Fonacier...
Digital payment transactions via PESONET and Instapay increased by 31.2 percent to ₱1.85 trillion in April, from ₱1.41 trillion in the same month last year. This is equivalent to a ₱440-billion increase from April 2024, according to the latest Bangko Sentral ng Pilipinas (BSP) data....
US-based tech giants are worried that the 12-percent value-added tax (VAT) to be collected from digital services providers (DSPs), plus more stringent rules on internet transactions under two new Philippine laws, could make it harder for global firms to operate here. "While this law imposing VAT on...
The Department of Trade and Industry (DTI) stated that the imposition of value-added tax (VAT) on digital service providers (DSPs) will promote healthy competition in the local market. In a statement on Wednesday, Oct. 16, DTI Secretary Cristina A. Roque said that this measure levels the playing...
Senate President Francis “Chiz” Escudero expressed confidence that the bill imposing a 12-percent value-added tax (VAT) on digital transactions would shore up government coffers by at least P80 billion in revenues. Escudero said that this would level the playing field for local and foreign...
The measure seeking to fully digitalize government transactions has advanced further in the Senate following the formal filing of the committee report consolidating all bills on e-governance. Sen. Alan Peter Cayetano, chairman of the Senate Committee on Science and Technology, introduced...
The Bangko Sentral ng Pilipinas (BSP) has approved the regulatory framework for merchant payment acceptance activities (MPAA) to widen the use of digital payments in the country. Merchants refer to physical or electronic retailers, service providers, billers and businesses that accept payments for...
The cyberspace accelerates business transactions, making it possible to conduct business seamlessly from the comfort of one's home. However, these perks are always accompanied by drawbacks, as online culprits strive for innovation by upgrading their skills and resources to enhance the effectiveness...
President Marcos signed the Public-Private Partnership Code of the Philippines (PPP Code) and the Internet Transactions Act of 2023 on Tuesday, Dec. 5. President Ferdinand 'Bongbong' Marcos Jr. (Photo courtesy of Malacañang) Presidential Communications Office (PCO) Secretary Cheloy Garafil said...
