All News and Announcements
Experian and FinScore to Raise Financial Inclusion in the Philippines via Alternative Credit Scoring
Through this partnership FinScore will intensify its focus on delivering alternative credit scoring to help financial institutions reduce high default rates and prevent fraudulent activity.
New IFC Initiative Helps Banks in Mexico, Philippines, South Africa, Egypt Scale Climate Finance
The program is designed to increase climate lending by participating banks in Egypt, Mexico, the Philippines, and South Africa to 30 percent of their portfolios by 2030.
Amid Pandemic, Household Savings Rise Slightly
Filipino households in the lower-income group, especially those in the rural areas of the country, are still struggling to save.
Philippines Global Financial Inclusion Ranking Slips Further
The global financial inclusion ranking of the Philippines slipped further this year despite improvements spurred by the government’s need to promote digital channels as part of its response to the COVID-19 pandemic.
ADB Loan To Boost Financial Inclusion in the Philippines
"COVID-19 has underscored how important digital systems and contactless transactions are for economic resilience."
Overseas Filipino Worker Remittances May Drop by $5 Billion This Year
Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances coursed through banks declined by 6.4 percent to $11.55 billion from January to May compared to $12.35 billion in the same period last year.
Drop in Remittances to Hurt Consumption in Philippines
Moody’s said the fall in remittances could further widen the current account deficit of the Philippines and other countries.
Western Union Expands Presence in the Philippines With Tie Up
This tie up highlights Western Union’s efforts to strengthen presence in the Philippines, which has been recognized as the fourth-largest remittance recipient country in 2019 according to the World Bank.
Philippines: ADB Grants MFI-NGO $30-M Credit Facility for Micro-Entrepreneurs
The first tranche of the credit facility amounting to $10 million will extend loans to over 25,000 women-entrepreneurs owning small businesses, which suffer from the economic impact of the (COVID-19) pandemic.
DBP Eyes More Tie-Ups With Financial Firms to Push for Financial Inclusion
STATE-run Development Bank of the Philippines will forge ahead with its financial inclusion initiatives this year by tapping financial technology companies, non-bank financial institutions, as well as rural banks.