Govt Pushes for Cashless Philippines by 2028
Digital fund transfers have grown significantly from 10% to 50% since banks and e-wallet providers cut their transfer fees. Bangko Sentral ng Pilipinas (BSP) officials describe it as a “second wind” for financial inclusions, as this can encourage more Filipinos to open accounts and participate in using digital payments. That said the Philippines is still on track to achieve the digital payment target by 2028. The BSP aims for 60% […]
BSP: Lower Fees Spark Surge in PH Digital Transfers
The Bangko Sentral ng Pilipinas (BSP) has reported a significant surge in digital transfers across the country, attributing the growth to lower transaction fees that have encouraged more Filipinos to embrace online payments. The reduction in costs for services such as InstaPay and PESONet has provided renewed momentum for the digital payments ecosystem, propelling usage among households, small businesses, and corporations. This development […]
Singapore and Saudi Arabia Drive Remittances Amid Slowest Philippine Growth Since 2022
Remittances to the Philippines hit slowest growth since 2022, while remittances from Singapore and Saudi Arabia recorded the highest contributors.