Confidence of business sector in the Philippine economy increased in 2nd quarter of 2016

admin   •   May 27, 2016   •   2861

IMAGE_MAY-27-2016_UNTV NEWS_PHILIPPINE ECONOMY

From 41.9 percent, the confidence index or business outlook rose to 48.7 percent based on the latest survey of Bangko Sentral ng Pilipinas.

It means, the trust of businessmen and company owners in the Philippine economy has increased.

The survey was conducted nationwide with 1,482 business respondents from April 1 to May 17, 2016.

According to the report, among the factors that resulted in increased confidence are the May 9 election-related spending, sustained increase in orders and projects, anticipated increase in demand during summer, influx of tourists, low inflation, stable interest rates and sustained foreign investment inflows.

The deputy governor of the Bangko Sentral ng Pilipinas Diwa Guinigundo said, the result of the elections that secured the huge win of Rodrigo Duterte as incoming president, might have also affected the outcome of the survey.

“Business respondents are prepared to see how the new administration, the new political leadership will navigate the economic and financial waters and we hope that this is going to continue,” Guinigundo said.

The results of the survey also show the confidence of the business sector in the eight-point economic agenda of Duterte for the country.

“They have seen the eight-point program, and the first point in that eight-point program is precisely to continue with macroeconomic policies and to make sure that tax reforms are pursued. So, I think that should provide optimism to our business respondents,” Guinigundo further added.

The confidence of the business sector in the country’s economy is a good indication.

It translates to business expansions, economic growth, and more job opportunities for the people.

Even though the overall business confidence index rose in the second quarter of 2016, Bangko Sentral ng Pilipinas said, this may change a bit in the third quarter of the year because of the rainy season, enrollment period and the higher price of oil in the market.

(ROSALIE COZ/UNTV News)

BSP to release new P20 coin in 2020

Robie de Guzman   •   October 15, 2019

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Monday announced that the 20-peso coin will be released in circulation in 2020 after its ceremonial launch in December.

In a statement, the BSP said once it is released, the new 20-peso coin will co-exist with the P20 New Generation Currency (NGC) banknotes as legal tender.

The P20 will be gradually removed from circulation through natural attrition, the central bank added.

Citing a study conducted by the University of the Philippines, the BSP noted that the P20 banknote is the most-used denomination for payment so it is easily rendered unfit for circulation and returned for replacement.

“The issuance of a coin in lieu of a banknote is more cost-efficient in terms of currency production in the long run,” the central bank explained.

Official photographs and specifications of the 20-peso NGC coin will be presented by BSP Governor Benjamin Diokno during the launch.

The BSP assured that the new 20-peso coin will retain “major elements” of the bill, and will contain features that are “easily distinguishable” from other coins.

Apart from the new coin, the central bank is also set to release an “enhanced” version of the P5 coin to make it “more distinct from other NGC coin series.

It said the changes were based on studies on the design, security features, and specifications of the new coins.

Bangko Sentral to produce cards for PH nat’l IDs

Robie de Guzman   •   October 8, 2019

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has announced it will produce the 116 million blank cards to be used by the Philippine Statistics Authority (PSA) for the implementation of the Philippine Identification System (PhilSys).

The BSP said it has signed a memorandum of agreement with the PSA on Monday for the production of the cards.

Under the agreement, the BSP will be supplying the cards for “Phil IDs” that are non-transferable to be issued to all Philippine citizens or resident aliens registered under the PhilSys.

BSP will also provide the necessary equipment and space for the embedding of personal information on to the blank cards to be done by the PSA.

The PSA’s roles under the deal, on the other hand, will include managing the PhilSys database, ensuring the availability, confidentiality, integrity, accuracy and readiness of the data that will be placed in the cards, as well as the undertaking of the personalization, quality checking and the distribution of the national IDs.

Republic Act 11055 or the Philippine Identification System Act, which was signed by President Rodrigo Duterte in August 2018, mandates the establishment of the PhilSys for all Filipinos and foreigners who reside in the country.

The PSA is the law’s primary implementing agency.

The law seeks to harmonize, integrate and interconnect the redundant government-issued IDs by establishing a unified ID system.

The national ID will contain the cardholder’s PhilSys number and full name as well as facial image, sex, date of birth, blood type, and address; biometric information, including fingerprints, iris scan, will also be in the card.

Information on marital status, mobile number and email address will be optional.

The BSP said producing the blank cards for the national IDs will cost the PSA around P3.4 billion or P30 per piece. The central bank also assured that the cards will have optical variable security and other features required by the PSA.

The cards will be provided free to citizens.

The PSA earlier said that by 2022, around 100 million cards will be issued to Filipinos and resident aliens.

BSP simplifies process for registration of payment system operators

Robie de Guzman   •   September 27, 2019

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Friday issued simplified registration requirements for operators of payment systems (OPS) in line with the central bank’s thrust to promote ease of doing business in the country.

In a statement, the BSP said the Monetary Board has approved the issuance of BSP Circular No. 1049 series of 2019, providing for a simplified registration process “through self-assessment, streamlined list of documentary requirements, and descriptive examples-albeit not exhaustive-of activities that are akin to operating a payment system.”

The BSP said the streamlined registration aims to facilitate and encourage compliance of all concerned entities, particularly those previously unregulated non-financial institutions unfamiliar with regulatory compliance.

BSP registered/licensed institutions such as banks, non-bank electronic money issuers, which are now considered as OPS under the NPSA, will only have to submit a notification to the central bank.

The circular will also create the new Manual of Regulations for Payment Systems (MORPS), which will consolidate all relevant BSP issuances.

“It is a product of extensive consultations among private and public stakeholders in the payments industry, and is part of the phased-in implementation of the NPSA that prioritizes the creation of a baseline inventory of all OPS,” the BSP said in the same statement.

“Such inventory will be used as inputs in the crafting of rules and criteria for designating payment systems,” it added.

The circular was issued in accordance with the BSP’s authority under Republic Act No. 11127 or the National Payment Systems Act (NPSA) to oversee payment systems in the Philippines.

The central bank vowed it will continue to proactively engage payment industry stakeholders throughout the phased-in implementation of the NPSA. 

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