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Bangko Sentral ng Pilipinas

PearlPay signed a pilot program agreement with BHF Rural Bank, Inc. (BHF). The BHF bank is based in Dagupan City and operating seven branches. The fintech startup and mobile wallet enabler aims begin the pilot test program for a new generation of cloud-based financial services set to be launched in the Philippines targeting rural banking sector. Said agreement signals the first time a Philippine rural bank will utilize cloud-based technologies

Peso plunges to six-week low vs dollar

Peso sank to a six-week low against the dollar following statements from Governor Benjamin E. Diokno of the Bangko Sentral ng Pilipinas (BSP) about reducing banks’ reserve requirement ratio (RRR) quarterly. The peso shut the session at P52.70 versus the dollar on Tuesday, slumping by 50 centavos from the P52.20 finish on Monday. Marking the peso’s worst in more than six weeks or since P52.86 per dollar last January 24.

Diokno to 'strengthen' Bangko Sentral vs cyber threats

BSP Governor Benjamin Diokno stated Friday to further “strengthen” the monetary authority’s ability to enact on cybersecurity threats. Hackers previously transferred $81 million from Bangladesh Bank’s account at the New York Federal Reserve to a branch of the Rizal Commercial Banking Corp in Makati City considered the largest cyber heist on record, central bank increased cyber protocols in 2016. “Knowing that IT security issues have systemic implications, the BSP, under

Nestor Espenilla champions strong, inclusive bank

The Asian Development Bank (ADB) acknowledged yesterday the technological contributions of the later Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla making the Philippine banking system stronger and more inclusive. Espenilla passed away last Saturday at the age of sixty after a battle with cancer. In his message of condolences, ADB president Takehiko Nakao above said the multilateral development bank would likely support current banking reforms in the country