The results of a Stratbase ADR Institute commissioned Social Weather Stations survey draw a strong link between the economy and technology and present a case for more significant government and private sector collaboration to address current digital and economic gaps.

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is pursuing digital solutions to enable offline payments as part of efforts to boost financial inclusion under the government’s Digital Payments Transformation Roadmap.

During a virtual conference themed, “Building Back Better: Harnessing Digitalization Towards a Transformed Philippines” organized by the Philippine Economic Society (PES), BSP Governor Benjamin Diokno said the BSP is also looking at offline digital payment solutions to enhance financial inclusion.

The Bangko Sentral ng Pilipinas (BSP) is pushing for offline digital payment solutions for transactions not requiring internet connection to be able to bring financial services and products to off-grid areas.

“Digital solutions are being pursued to enable e-payments even without internet connection, or what we call offline e-payments. This initiative is being explored as a potential solution for improved financial access particularly in hard- to-reach rural areas,” said BSP Governor Benjamin E. Diokno.

THE GOVERNMENT should push for more targeted assistance to address inequalities that affect vulnerable groups, two former socio-economic planning chiefs said. 

PHILIPPINE COMPETITION policy needs to be geared towards confronting major digital companies and head off monopolies that could worsen the digital divide, an Asian Development Bank (ADB) think tank said.

ADB Institute Dean and Chief Executive Officer Tetsushi Sonobe said large-scale mergers among digital companies are causing a digital divide by destroying the business of other service providers and causing exorbitant pricing that excludes many consumers from accessing services.

Further opening the economy to foreign capital will help the Philippines recover faster from the scarring inflicted by the prolonged COVID-19 pandemic on economic growth and jobs, a World Bank economist said on Thursday.

Local banks, meanwhile, were fast-tracking their digitalization efforts in order to adapt to the new normal wrought by COVID-19 despite challenges posed by risk-aversion among borrowers at the start of the year.

GIVEN the current trajectory of the economic crisis caused by the pandemic, the global recovery will be driven by the United States and Asian economies, excluding China, according to an expert.

In a plenary session at the Philippine Economic Society (PES) Annual Meeting and Conference, Professor of Finance and Director of Central Banking at the Malaysia-based Asia School of Business Eli Remolona said China’s real-estate issues will prevent it from becoming a major growth driver in the global recovery at this time.

MANILA – The Bangko Sentral ng Pilipinas (BSP) aims to complete by December this year the data collection for its Credit Risk Database (CRD) Project, which is part of its bid to establish credit scoring in the country. 
 
In his speech during the virtual 59th Philippine Economic Society annual meeting and conference on Thursday, BSP Governor Benjamin Diokno said the data collection started in December 2020 with the help of the experts from CRD Japan. 
 

How can the Philippines harness digitalization to recover and rebuild the economy in the post-pandemic era? This issue will be addressed by policy- and decision-makers, academics, industry leaders, and private sector representatives at the 59th Annual Meeting and Conference of the Philippine Economic Society (PES) on 10-12 November 2021.