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 system's online authentication and e-KYC will enable a more seamless digital onboarding, making it easier for clients to open an account.

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

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.

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.

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.

"COVID-19 has underscored how important digital systems and contactless transactions are for economic resilience."

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.