The country’s e-payment transactions surged by 129 percent to P5.5 trillion in just three months or as of end-March this year from P2.4 trillion at the close of 2020, according to Philippine Payments Management Inc. (PMMI) chairman Justo A. Ortiz.
“The running rate from first quarter 2021 data is
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PH digital payments on an upswing – UN report Mayvelin U. Caraballo, TMT
THE Philippines sustained its progress in terms of digital payment transactions, according to a report from a United Nations (UN) agency commissioned by the Bangko Sentral ng Pilipinas (BSP).
In the 2019 update and 2020 preview of its report titled “The State of Digital Payments in the Philippines,” the UN-based Better Than Cash Alliance (BTCA) said the volume of monthly digital payments in the country climbed from 10 percent in 2018 to 14 percent in 2019.
This corresponds to a 27-percent expansion in volume, driven primarily by high-frequency, low-value retail transactions, like merchant payments, it added.
Published April 13, 2021, 5:14 PM
Moody’s Investors Services has returned its “stable” outlook for Philippine banks with the economy’s gradual but “mild” improvement this year and despite that banks’ asset risks are still on high side.
“We have changed the Philippines’ banking system outlook to ‘stable’ from ‘negative’ to reflect our expectations that a mild economic recovery will support the operating environment for banks. However, asset risks remain high because of a prolonged curtailment of business activity, a high unemployment rate and weak consumer sentiment,” according to the credit rating agency’s “Banking System Outlook Update – The Philippines” released Tuesday.
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