BSP Archives | BitPinas

No Local Bank Affected by Silicon Valley, Silvergate, Signature Bank Collapse—BSP

The BAP emphasized that the BSP’s prudential measures have enabled the Philippine banking system to withstand economic shocks.

As per the memorandum, payment services and financial institutions will be allowed to transition to the QR Ph until June 30, 2023

Marcos Jr. approved the establishment of a high-level inter-agency advisory body called the Interagency Committee on Inflation and Market Outlook.

PSA also highlighted that ‌food inflation at the national level slowed down to 11.1% in February 2023 from 11.2% in January 2023.

BSP Gov. Medalla expressed that the current transaction fee worth ₱15 may still be too high for small transactions, particularly for the poor.

The BSP has decided that electronic money issuers (EMIs) should be divided into two groups: banks and non-bank financial institutions.

Salceda cited that the accumulation of debts like this is dangerous for the country’s economy and for consumers.

BSP said any customer can report local VASPs to the central if the company fails to address their concerns.

The country’s inflation is at its highest ever since 2008 but the BSP is confident the levels will decrease by 2024.

The draft aims to impose on scammers a fine of ₱50k to ₱10m for each investment fraud and at least ₱10k per day of continuing violation.