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

Exploring alternative distribution channels to extend the reach of insurance

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

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.

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

Assessing the extent to which institutions in Philippines meet USSPM number 5

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

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. 

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.

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