BSP backs easing data connectivity restrictions for financial inclusion
November 4, 2020THE CENTRAL BANK is backing legislative measures that seek to narrow the digital divide in the country to push financial inclusion in rural areas, said Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno.“We have a relatively high mobile phone and internet access penetration, but these digital assets are underutilized for financial transactions. In fact, seven in 10 unbanked adults have a mobile phone. This is an untapped opportunity for digital finance,” Mr. Diokno said in a response to questions from the Makati Business Club. Mr. Diokno said in particular, they support Senate Bill No. 45 or the Open Access in Data Transmission Act, which will remove the need to secure congressional franchises for the broadband industry and streamline the registration process. The proposed legislation, as well as its counterpart House Bill No. 54, have both been pending since 2019.Mr. Diokno said they are also backing amendments to Executive No. 467 sig... Government sells P2 billion more T-bills on low rates across tenors
By Bernadette D. Nicolas | November 3, 2020The Bureau of the Treasury awarded on Tuesday P22-billion in Treasury Bills (T-bills), an upsize from its initial P20-billion offering.Rates across all tenors were all lower than the previous auction and secondary-market benchmark rates.The auction was oversubscribed by more than 4.8-times with total bids reaching P96.7 billion, prompting the auction committee to double the accepted non-competitive bids for the 182-day tenor to P4 billion.National Treasurer Rosalia V. De Leon said they were satisfied with the auction results.“[We] got what we wanted: more than P20 billion at lower rates,” De Leon said.Sought what pushed the rates lower, she pointed to the inflation outlook, which remains benign; still within [the] 2-percent to 4-percent band, [the] sustained ample liquidity and bias for shorties.” T-bills are peso-denominated short-term, or “shorties,” fixed-income securities issued by the Republic of the Ph... BSP supports Internet Transactions bill
The Bangko Sentral ng Pilipinas (BSP) is backing the proposed Internet Transactions Act, which will complement its earlier initiatives on electronic commerce (ecommerce). “The proposed bill can serve as a good starting point in regulating ecommerce in the country,” Raymond Estioko, the central bank’s head for Payments System Oversight Department, said at a recent Senate hearing on the proposed legislation. Formally known as Senate Bill 1591, the measure seeks to establish an “eCommerce Bureau” that will promote the development of ecommerce in the country by building trust between sellers and consumers, stronger online consumer protection, safer epayment gateways, easier online business registration, and formulation of other policies and programs to increase the number of online merchants and customers. “The measure will further enhance the competitiveness of Philippine micro, small and medium enterprises, which, in turn, serve as the backbone of the country, more so with th...