MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) have signed an enhanced FinTech Cooperation Agreement (CA) that will facilitate interoperable payments between the Philippines and Singapore.

In a statement, the BSP said the agreement is a significant initiative given the sizeable remittance flows between the Philippines and Singapore.

The agreement, represented by BSP Governor Benjamin Diokno and MAS Managing Director Ravi Menon, will have both central banks explore “multilateral interoperability of these projects, in keeping with regional efforts to establish further linkages within ASEAN and with countries outside the region.”

“The BSP is taking the initial step in linking the Philippine payment system with those of our ASEAN neighbors, beginning with Singapore,” said Diokno.

“Effectively linking both counties’ QR and real-time payment systems will enhance the safety and efficiency of cross-border payments through the smoother and seamless international transfer of funds, ultimately promoting the financial welfare of Filipinos that regularly use cross-border payment services,” he added.

The BSP official also said that this will benefit overseas Filipinos and their families; as well as micro, small, and medium enterprises and other businesses that engage in cross-border trade, among others.

“This enhanced CA will further strengthen our ties with Singapore and take us a step closer towards having an integrated and interoperable cross-border payment system in the ASEAN region,” Diokno said.

MAS’ Ravi Menon, meanwhile, said, “The enhancements to the MAS-BSP FinTech Cooperation Agreement will help fast-track payments connectivity between Singapore and the Philippines. Critically, the linking of our QR and real-time payment systems also marks a concrete step towards the vision of an ASEAN network of interconnected real-time payment systems.” —/mbmf

MANILA, Philippines — Three presidential candidates for the 2022 national and local elections made the rounds across the country on Friday, while the rest took to social media to lay down their election promises.

Former Senator Ferdinand ‘Bongbong’ Marcos, Jr. made another visit to the vote-rich province, Cebu.

Here, members of the Businessmen ng Bayan Movement of the Philippines (BBMP) signified their support to his presidential run.

The group is composed of small-scale businessmen in Cebu.

Labor leader Leody de Guzman, meanwhile, went to Marikina City.

Here, joined the protest action of workers in a company that is based in the city.

Manila Mayor Francisco ‘Isko Moreno’ Domagoso, on the other hand, did not have any out-of-town engagement and just stayed at the City Hall to personally receive the 6,600 pieces of Bariticitinib anti-COVID-19 tablets.

While other presidential bets did not have any public engagements Friday, they took to social media to post their activities for the day.

In his Facebook post, Senator Manny Pacquiao showed the possible housing projects he will implement should he become the president.

Such housing projects will be like that of free housing he did for the people of General Santos City and Saranggani province.

Meanwhile, Senator Panfilo Lacson’s FB post said that providing sufficient funds for free public WIFI will remain in his platform of government should he become president.

He assured the people that he has enough experience in crafting and proper allocation of the national budget.

Vice President Leni Robredo, on the other hand, focused her FB post on the issue in the West Philippine Sea.

Robredo insists that the issue is not just about the fishing sector but about all Filipinos. —/mbmf (from the report of UNTV Correspondent Nel Maribojoc)

MANILA, Philippines – Department of National Defense (DND) Secretary Delfin Lorenzana on Thursday reiterated that the Philippines has sovereign rights over Ayungin Shoal (also called Second Thomas Shoal) following China’s call for the country to remove its grounded vessel in the area.

“Ayungin lies inside our EEZ (exclusive economic zone) which we have sovereign rights. Our EEZ was awarded to us by the 1982 UNCLOS, which China ratified,“ Lorenzana told reporters.

“China should abide by its international obligations that it is part of,” he added.

The Defense chief issued the statement in response to the remark of China’s Foreign Ministry, through its spokesperson Zhao Lijian, demanding the Philippines to remove the BRP Sierra Madre from the shoal.

BRP Sierra Madre is an old Philippine Navy ship that was ran aground there to assert Manila’s claim over the area. It has been serving as the outpost of a small Philippine military contingent since 1999.

In a press conference in Beijing, Zhao claimed anew that Ayungin Shoal (known in China as Ren’ai Jiao) is part of Nansha Qundao, which is the Chinese name for the Spratly Islands also being claimed in part by the Philippines.

But Lorenzana maintained that Ayungin Shoal is within the Philippines EEZ as it is located about 105 nautical miles west of Palawan.

Aside from UNCLOS, the Defense chief also noted that the Permanent Court of Arbitration, in its 2016 ruling on a case lodged by the Philippines, stated that China’s territorial claim over the West Philippine Sea has neither historic nor legal basis.

“Ergo, we can do whatever we want there and it is they who are actually trespassing,” he said.

“Meron tayong dalawang documento na nagpapatunay na meron tayong sovereign rights sa ating EEZ habang sila ay wala at yung claim nila walang basehan, “ he added.

Lorenzana also said that as far as he knows, there is no commitment made by Philippine authorities to remove BRP Sierra Madre from the Ayungin Shoal.

“As far as I know there is no such commitment. That ship has been there since 1999. If there was commitment it would have been removed long time ago,” he said.

China’s demand for the removal of BRP Sierra Madre from Ayungin Shoal came after Philippine military boats completed their resupply mission on Thursday.

The boats were deployed there a week after Chinese coast guard vessels blocked and harassed the first Filipino mission that were sent to the area.

The incident prompted President Rodrigo Duterte to call out China’s action at the contested waters during the ASEAN-China special summit on November 22. (with details from Correspondent Lea Ylagan)