More than P33 million worth of local and foreign currencies were confiscated by the Bureau of Customs (BOC) from various currency smuggling attempts through the country's ports since last year. (Photo courtesy of the BOC) According to the Intelligence Group-Customs Intelligence and Investigation...
Legal issues of BSP’s ‘digital banknote’ initiative MB file After the Bangko Sentral ng Pilipinas (BSP) created a Technical Working Group (TWG) in June 2020 as initial research on a possible central bank digital currency (CBDC), it released a more comprehensive study in March this year on...
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said there is no need to alter or revise the Currency Risk Protection Program (CRPP) which allow banks to hedge their eligible foreign currency obligations. “We have not seen the need to further update or expand the hedging facility...
The Metropolitan Waterworks and Sewerage System-Regulatory Office (MWSS-RO) is still clarifying with the government panel that revised concession agreements between MWSS and water concessionaires if the foreign currency differential adjustments (FCDA) can still be implemented for the third quarter...
The water rates of Manila Water Company Inc. will slightly increase in the second quarter of the year, while customers of Maynilad Water Services Inc. will enjoy a small rollback in rates. In a virtual briefing on Thursday, Metropolitan Waterworks and Sewerage System (MWSS) Chief Regulator Patrick...
The reorganization of the Bangko Sentral ng Pilipinas’ (BSP) currency and digital money sector will ensure the two payments system will continue to smoothly co-exist until the country is a completely cashless society, according to BSP officials. “My own forecast is that the use of old money...
The Bangko Sentral ng Pilipinas (BSP) has reorganized its payments and currency management operations to ensure a safe and “well-functioning” cash ecosystem in the country as part of digitalization. BSP Governor Benjamin E. Diokno, in a new memo (Memorandum No. M-2021-006) taken up during...
Banks’ foreign currency deposit units (FCDUs) totaled $18 billion as of end-June, down by 1.7 percent or $303 million compared to the previous quarter’s $18.3 billion with principal payments still exceeding disbursements, the Bangko Sentral ng Pilipinas (BSP) said. (Ali Vicoy/Manila Bulletin)...
The Bangko Sentral ng Pilipinas (BSP) is about to issue revised guidelines on virtual currency exchanges (VCEs) and electronic money issuers (EMIs) to plug the regulatory gaps of the existing virtual asset service providers (VASP) rules. MB File “Once issued (the revised) circular will address...
The continuous appreciation of Philippine peso versus other currencies may continue to pull down water rates in Metro Manila until the first quarter of 2021. MB File photo. (ALVIN KASIBAN) This is because of the Foreign Currency Differential Adjustment (FCDA) tariff mechanism that Maynilad Water...
On July 29, Bangko Sentral ng Pilipinas has released New Generation Currency (NGC) banknotes that feature a “shining, shimmering” value panel, but it seems like a lot of people missed the memo. A Facebook user named Allaine Francisco shared her experience on how a seller refused to accept...
