Banking & Insurance
GSIS returns over P9B to 500,000 Balik Ginhawa 2 beneficiaries in just 24 days
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.
Local banks work on tokenization hurdles to clear Apple Pay’s Philippine launch
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.
Treasury bill yields ease as inflation hopes strengthen
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.
Growth hits post-2009 low on surging energy costs and weak infrastructure spending
Growth measured as the gross domestic product (GDP) is seen to have slowed sharply to 1.9 percent year-on-year in the second quarter of 2026, down from 2.8 percent in the previous quarter, according to the Bank of the Philippine Islands (BPI).
BSP clarifies Circular 1238: Fair pricing guideline, not zero-fee rule
FinTech Alliance PH has welcomed clarification from the Bangko Sentral ng Pilipinas (BSP) regarding Circular No. 1238, saying the update brings much-needed regulatory certainty to the digital financial services sector and aligns with shared goals of making digital payments affordable, secure, and sustainable. Following productive talks between BSP Monetary Board members and alliance representatives, the central bank confirmed the circular sets out cost-based fair pricing guidelines and does not impose a requirement to scrap all fees. The BSP made clear that financial institutions and payment service providers are not required to remove electronic fund transfer fees entirely, nor are off-network person-to-person transfer charges limited strictly to technical switch costs. It also noted that Frequently Asked Question No. 7 should not be treated as a rigid rule allowing only switch-cost pricing.
