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Bacolod City, Philippines Saturday, June 13, 2020
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Editorial

Digitalizing payments

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Published by the Visayan Daily Star Publications, Inc.
NINFA R. LEONARDIA
Editor-in-Chief & President

CARLA P. GOMEZ
Editor

CHERYL CRUZ
Busines Editor

NIDA A. BUENAFE

Sports Editor
RENE GENOVE
Bureau Chief, Dumaguete
MAJA P. DELY
Advertising Coordinator

CARLOS ANTONIO L. LEONARDIA
General Manager

The Bangko Sentral ng Pilipinas has waived the fees of fund transactions made through the central bank until the end of this year, allowing banks and financial institutions to promote digitalization amid the changing economic landscape due to the coronavirus disease 2019 pandemic.

BSP Deputy Governor Maria Almasara Cyd Tuaño-Amador issued Memorandum 2020-048 extending the waiver of fees of fund transfer transactions made through the central bank’s Philippine Payment and Settlement System (PhilPaSS) until the last business day of 2020. The BSP first extended the regulatory relief on real time fund transfer system transaction among banks and non-banks under PhilPaSS on April 1 to 30 and was extended four times to May 15, May 29, and June 11, until the current extension to the end of the year.

Amador said the central bank strongly encourages participating banks to actively disseminate to the public the available automated clearing houses such as InstaPay and PESONet, as well as PhilPaSS as facilities to electronically transfer funds to target recipient accounts maintained with other banks, thereby providing Filipinos a wide range of digital payment channels.

BSP Governor Benjamin Diokno said the volume and value of InstaPay and PESONet spiked during the enhanced community quarantine period in the months of April and May when the online payment for goods and services and low-value remittances gained greater traction. The PESONet system was also used by the Social Security System to release financial assistance to millions of employees affected by the COVID-19 crisis through its small business wage subsidy program.

Diokno is looking to increase the level of digital payments to 50 percent of total transactions in terms of volume and value by 2023.*
   

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