The BSP warned against NFTs anew. BSP — The Bangko Sentral ng Pilipinas has again flagged the risks of NFTs (non-fungible tokens) and reminded the public that they should be aware of how play-to-earn games work. Following the theft of USD 600 million worth of digital tokens from a digital ledger used by players of … Read more
The BSP may face risks amidst global policy tightening, according to Fitch Solutions. BSP — Fitch Solutions Country Risk & Industry Research said that the Bangko Sentral ng Pilipinas may have to confront risks caused by interest rate differentials if it remains accommodative while major central banks are already tightening monetary policy. Fitch Solutions said … Read more
Banks must improve cybersecurity, according to BSP. BSP — The Bangko Sentral ng Pilipinas is requiring stronger, more adequate IT and cybersecurity risk management practices in non-banks and banks’ use of application programming interfaces (APIs) and its interconnections. On Wednesday, the central bank released Memorandum No. M-2022-016 — a new memorandum for API security controls … Read more
The BSP advised the public to exchange or deposit “unfit” coins. BSP — As part of the central bank’s campaign to promote and improve its use and circulation, the Bangko Sentral ng Pilipinas advised the public to deposit or exchange “unfit” coins. On Wednesday, BSP Governor Benjamin E. Diokno said that proper handling of coins … Read more
BSP and NBI are intensifying the crackdown on counterfeiters. BSP and NBI — The Bangko Sentral ng Pilipinas said that the central bank, together with law enforcement agencies such as the National Bureau of Investigation, has been actively conducting joint anti-counterfeiting operations. On Monday, the central bank said that it is pursuing more aggressively the … Read more
BSP said that the 125-piso commemorative coin showcases Dr. Rizal as a “global Filipino hero”. BSP — On Friday, the Bangko Sentral ng Pilipinas said that the order quota for the sale of its 125-Piso commemorative coin honoring Dr. Jose Rizal’s 125th death anniversary has been reached. On Friday, the central bank said that it … Read more
The BSP is encouraging microfinance institutions to pursue digital finance for MSMEs. BSP — The Bangko Sentral ng Pilipinas is encouraging more microfinance institutions to pursue digital finance for agriculture and for micro, small, and medium enterprises (MSMEs). There are 144 microfinance institutions (MFIs) serving 2 million borrowers with a combined PHP 26 billion in … Read more
BSP is reminding banks and non-banks to deal only with licensed gambling businesses. BSP — The Bangko Sentral ng Pilipinas is reminding banks and non-banks to transact only with licensed gambling and online gaming businesses. The central bank is reminding BSFIs (BSP supervised financial institutions) to transact only with gambling and online gaming businesses that … Read more
BSP told banks and financial institutions to work with AMLC. BSP — On Tuesday, the Bangko Sentral ng Pilipinas told banks and financial institutions to work with the Anti-Money Laundering Council (AMLC). The central bank reminded all of its BSFIs (BSP supervised financial institutions) to report and coordinate with AMLC any suspicious transactions following its … Read more
BSP: “Inflation would average between 4.4 and 4.7 percent under the worst-case scenario” BSP — The Bangko Sentral ng Pilipinas sees inflation accelerating and breaching the 2% to 4% target under a worst-case scenario. According to BSP Governor Benjamin Diokno, inflation may accelerate from 4.4% to 4.7% if Dubai crude oil reaches USD 120 to … Read more