Banking & Insurance

Filipinos are showing stronger trust in formal credit and digital financial services even as their outlook on household finances weakens, pointing to a maturing credit market amid persistent inflation and cost-of-living pressures, according to TransUnion’s 2026 Credit Perception Index.

To boost business operations and lower digital transaction hurdles across the country, the Bank of the Philippine Islands (BPI) has waived all PESONet transfer fees for payments processed through the Pay Non-BPI disbursement feature on its corporate platform, BPI BizLink.

Digital payments accounted for nearly two-thirds of retail transactions in the Philippines last year, putting the country within its national target range and underscoring how quickly electronic payments are replacing cash in everyday commerce.

Rizal Commercial Banking Corp. (RCBC) is among the first banks to join Direct Debit PH, a new automated recurring payment facility championed by the Bangko Sentral ng Pilipinas (BSP) to modernize the country’s payments system and accelerate the shift toward a cash-lite economy.

The Philippines must move faster to convert investor interest into actual projects as global capital grows more selective amid geopolitical tensions and market volatility, HSBC Philippines said.