BSP Revokes Nikko FXs License Amid Regulatory Crackdown

The Central Banks move highlights its authority to halt illegal activities and protect Filipinos from financial fraud.

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BSP Blacklists Four Manila Money Service Businesses for Skipping License

The BSP has permanently banned four Manila-based money changers for operating without registration, citing violations of Section 901-N.

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BSP: CBDC Pilot Completion by the End of 2024

BSP plans to issue wholesale CBDCs to commercial banks and financial institutions for various purposes such as settling interbank payments

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Ethereum Blob Inscriptions Exceed 40%, Triggering Unprecedented Blob Contention

Following the debut of the Dencun upgrade and Ethereum blobs, enthusiasts have devised methods to embed data akin to how Ordinal inscriptions operate. Since this development, inscription-based activities now account for over 40% of blob transactions, leading to a significant increase in network activity. This uptick has resulted in a congestion of blob transactions, pushing [...]

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BSP Monetary Board Cancels Atomtrans Crypto Exchange (VASP) License

This is not an isolated cancellation incident in the BSPs oversight activities.

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BSP: E-Wallets Now Contribute 40% of Retail Transactions

Learn more on the rapid growth of digital payments in the Philippines, with over 40% of total retail transactions now conducted digitally.

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BSP Advisory: Avoid Sangla-ATM Scheme

Learn about the Bangko Sentral ng Pilipinas' advisory cautioning ATM cardholders against participating in "sangla-ATM" schemes.

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Philippines Creates Interagency Committee to Combat Inflation

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

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MEDYO GOOD NEWS: PH Inflation Rate Eases to 8.6% for Feb 2023

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

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BSP Governor Explores Eliminating Minimal Transfer Fees

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

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BSP Implements Stricter Rules for E-Money Amid Heightened Cybersecurity Risks

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

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Solon Wants Bangko Sentral to Impose Cap on Late Credit Card Fees

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

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BSP Makes it Easier to Report Problems with Locally-Licensed Crypto Exchanges

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

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TO THE MOON? PH Inflation Rate Reaches 8.7% for January 2023, Highest Since 2008

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

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STRONGER FINANCIAL REGULATIONS: SEC Issues Draft To Impose Stricter Penalty vs Scammers, Ponzi Schemes

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.

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BSP: Expect Inflation Rate to 2% by Early 2024

The Bangko Sentral ng Pilipinas expects inflation rate in the country to continually decrease until it reaches just 2% by 2024.

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Pilot Test of Wholesale Central Bank Digital Currency in PH ‘Til 2024, BSP Reiterates

BSP Dir. Glindro said that since the pilot is for wholesale CBDC, it is only limited to a number of participating financial institutions.

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Medalla: ‘Worst is Over’ as PHP Rallies Back to 54.8, Strongest Since June 2022

With this good sign, the Monetary Board can finally focus on inflation targeting rather than foreign exchange rate management, Medalla said.

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For Wholesale Transactions Only: BSP Confirms Continuation of Pilot Test of Country’s Own Central Bank Digital Currency

According to BSP Gov. Medalla, Project CBDH aims to allow any Southeast Asian native in the country to make wholesale transactions.

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US Regulators on Banks: Crypto Risks Should Not Be Integrated with Banking System

With this, the U.S. regulators promised to take a careful and cautious approach to crypto activities and exposure at banking organizations.

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