Banking & Insurance

Union Bank of the Philippines announced Tuesday it will roll out Apple Pay for all its cardholders across the country.

Visa and Mastercard have officially rolled out Apple Pay in the Philippines, giving eligible cardholders a new way to make contactless payments as digital wallets gain further traction in the country's shift toward a cash-lite economy.

The Government Service Insurance System (GSIS) has refunded more than P9 billion in loan amortizations to over 500,000 members and pensioners under the expanded Balik Ginhawa 2 program in only 24 days, acting on President Ferdinand R. Marcos Jr.’s directive to deliver timely financial support to Filipinos.

The Bangko Sentral ng Pilipinas (BSP) in 2025 cleared a key regulatory path for Apple Pay by classifying it as a technology service provider rather than an operator of payment systems. Because the platform processes payment credentials through contactless technology without directly handling, settling, or holding customer funds, the central bank confirmed it does not need to register as a payment system operator. Central bank officials noted that once this regulatory distinction was established, the decision on when to roll out the service rested entirely on the readiness of local financial institutions.

The Bureau of the Treasury fully awarded P50 billion worth of Treasury bills on Monday after robust investor demand drove borrowing costs lower across all tenors, signaling growing confidence that inflationary pressures may be easing despite lingering risks from energy prices.