The Bangko Sentral ng Pilipinas (BSP) has reminded all banks to accept unfit or mutilated Philippine banknotes and coins from the public to maintain the integrity of the national currency. In a statement, the BSP urged banks to exchange damaged currency for fit or clean banknotes and coins free of...
The Bangko Sentral ng Pilipinas (BSP) announced on Friday, Feb. 21 that it will reduce the reserve requirement ratios (RRRs) for big banks by 200 basis points (bps). This reduction will lower the RRRs for universal and commercial banks, as well as non-bank financial institutions with...
Following the central bank’s decision to keep key interest rates on hold, the peso strengthened further on Friday, Feb. 14, breaking into the 57 level against the US dollar. According to data from the Bankers Association of the Philippines, the peso appreciated by 0.23 centavos from...
Philippine banks earned combined net profits of ₱391.284 billion in 2024, up by 9.76 percent from ₱356.487 billion in 2023, driven by the financial system’s sustained growth in loans and deposits, along with strong capital and liquidity positions. Based on Bangko Sentral ng Pilipinas (BSP)...
The Palawan Group of Companies (PGC) collaborates with Bangko Sentral ng Pilipinas (BSP) to advance financial literacy and foster responsible currency management across the country through the BSP Piso Caravan. To solidify PGC’s support, a signing ceremony attended by key officers of both parties...
The Bank of the Philippine Islands (BPI) changed on Feb. 13 how its customers load their GCash and Maya accounts through its app. Instead of directly topping them up, they now have to use the "Transfer to Another Bank" option. This might seem like an extra step, and it also comes with an additional...
Economists believe the Bangko Sentral ng Pilipinas (BSP) will cut borrowing rates by 25 basis points (bps) as early as its first monetary policy meeting Thursday, Feb. 13, to reinvigorate economic activities and reverse last year’s slower-than-expected growth. Of the 14 private-sector...
Inter-bank network BancNet's switched transactions soared to over two billion last year, reflecting a 41 percent increase driven by the continued popularity of digital fund transfers and payments. According to BancNet, the electronic payments network processed a total of 2.37 billion switched...
Private-sector economists polled by Manila Bulletin are expecting the Philippine central bank to continue reducing key interest rates during the upcoming monetary policy meeting as majority of expectations leaned towards inflation slowing slightly in January. Economists monitoring the economic...
In response to the Bangko Sentral ng Pilipinas’ (BSP) press release titled Statement on AMA Bank Case issued on Jan. 30, 2025, AMA Rural Bank of Mandaluyong, Inc. (AMA Bank) seeks clarification on BSP’s position regarding its pending second Motion for Reconsideration with the Supreme Court and...
State-owned Development Bank of the Philippines (DBP) must provide strong justification for its appeal to extend regulatory relief, according to a senior Bangko Sentral ng Pilipinas (BSP) official. Speaking to reporters on the sidelines of a two-day media information session in Baguio City, BSP...
The Bangko Sentral ng Pilipinas (BSP) is encouraging banks to upgrade their security systems, as one-time passwords (OTPs) may eventually become obsolete for banking transaction authentication. “What we are saying is that we are encouraging the banks to go to a higher level of protection,” said...
