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.

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. 

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.

Supported by J.P. Morgan, the program will provide immediate relief and longer-term recovery support to 3,500 women entrepreneurs running microenterprises.

Both Denarii Cash and GCash share the same commitment of offering convenient and affordable financial services to Filipinos.

While the COVID-19 pandemic has increased usage of digital payments, there has been an observed increase in attempts at scams and financial crimes.

Online payments have been slow to take off in the Philippines, where cash has long been king.

Oriente will use the money to boost its growth in existing markets and further new developments in places like Vietnam. 

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno championed the use of e-payments amid the Luzon-wide, enhanced community quarantine (ECQ) to minimize face-to-face transactions and prevent the spread of COVID-19.

Landbank’s lending program dubbed I-RESCUE provides credit and loan restructuring, the state-run lender said in a statement on Wednesday.