The value of transactions using the QR (quick response) technology via the national QR code standard reached almost P1 billion as of end-May, as more Filipinos embrace digital channels amid the pandemic.

The loans approved under the COVID-19 Assistance to Restart Enterprises program is said to have benefited 29,816 enterprises in the Philippines.

Filipino households in the lower-income group, especially those in the rural areas of the country, are still struggling to save.

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.

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.

Moody’s said the fall in remittances could further widen the current account deficit of the Philippines and other countries.

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. 

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.