Medalla: “Despite the normalization of policy settings, our policy rate is still accommodative” BSP Governor Felipe Medalla said that the central bank’s policy rate is “still accommodative” despite the normalization of policy settings. According to him, interest rate environment that still has some room for adjustment as the Bangko Sentral ng Pilipinas (BSP) pledged to … Read more
BSP and SEC are seeking clearer regulations on digital assets BSP and SEC — The Bangko Sentral ng Pilipinas and the Securities and Exchange Commission are seeking clearer regulations on digital assets in order to protect consumers. This was raised during a meeting with the Senate Committee on Banks, Financial Institutions and Currencies as lawmakers, … Read more
BSP: “The inflation target remains at risk over the policy horizon owing to broadening price pressures.” BSP — On Thursday, the Bangko Sentral ng Pilipinas said that the Monetary Board decided to hike policy rates by 50 basis points (bps) effective August 19. As such, the overnight deposit facility has increased to 3.25%, the overnight … Read more
BSP: “The public should exercise caution, conduct their own due diligence, and always be mindful of the risks prior to engaging with VA-related activities.” BSP — The Bangko Sentral ng Pilipinas recently warned the public against unregistered and foreign virtual assets. The central bank has issued a strong public warning against unregistered and foreign VASPs … Read more
BSP: “Given the supply schedule (of the P1,000) the P500 polymer will not be available before end of June.” BSP — After assessing the public’s acceptance of the first 1000-piso polymer banknote, the Bangko Sentral ng Pilipinas may circulate 500-piso polymer banknotes in 2023. However, BSP Governor Felipe M. Medalla said that the 500-piso polymer … Read more
BSP said that the regular application window for new VASP licenses will be closed for 3 years. BSP — The Bangko Sentral ng Pilipinas said that the regular application window for new VASP (virtual asset service provider) licenses will be closed for 3 years starting September 1, 2022. In Memorandum Order M-2022-035 signed by BSP … Read more
BSP warned the public anew against smishing scams. BSP — The Bangko Sentral ng Pilipinas recently warned the public anew against smishing or SMS phishing scams. In an advidory on Tuesday, the central bank warned against links being sent via text messages as those could automatically download malware and/or redirect to sites that collect information … Read more
The BSP chief said that the inflation print for July “raises the probability of a 50 basis points rate hike rather than 25 basis points.” BSP — Bangko Sentral ng Pilipinas Governor Felipe Medalla said that the inflation print for July raised the possibility of a 50 bps (basis points) rate hike in the Monetary … Read more
GoTyme Bank has secured the Certificate of Authority from BSP. GOTYME BANK — The Gokongwei-backed digital bank has secured the Certificate of Authority from the Bangko Sentral ng Pilipinas (BSP). GoTyme Bank has secured the necessary license from the central bank to operate as a digital bank by completing the final stage in establishing operations … Read more
BSP: “Public investment in satellite communications may enable access to financial services almost universal.” BSP — The Bangko Sentral ng Pilipinas is calling for a higher public investment in satellite communications to upgrade and modernize the Philippines’ IT infrastructure. During an ASEAN-5 central banks’ virtual discussion on cross-border payments, BSP Governor Felipe M. Medalla said … Read more