InstaPay, PesoNet transactions surge in Sept: BSP By Cai U. Ordinario @caiordinario
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INANCIAL transactions made via InstaPay and PesoNet posted double-digit increases in the period ending September 2024, according to the data released by the Bangko Sentral ng Pilipinas (BSP). The BSP data showed InstaPay transactions reached 123.38 million and are estimated to cost P623 billion while PesoNet transactions reached 8.42 million and worth P850.5 billion as of September 2024. Compared to September 2023, InstaPay transactions grew 45.12 percent in terms of value and Pe-
SM J Mall is now open! It is SM Prime Holdings’ 87th SM mall and the fourth in Cebu. The four-
level, Japanese-inspired mall offers a unique experience catering to various lifestyles, from food lovers to wellness enthusiasts, with highlights like the Izakaya Terrace outdoor dining strip. Sharing the honors during the wine toasting are (L-R): SM Prime Holdings Chairman of the Executive Committee Hans Sy, SM Supermalls President Steven Tan, businessman Justin Uy, SM Prime Vice President Marissa Fernan, Cebu Governor Gwen Garcia, Bishop Ruben Labajo, Hon. Jonas Cortes, Mandaue City Mayor Glenn Bercede, SM Prime President Jeffrey Lim, and Super Shopping Market Chairman Herbert Sy.
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soNet transactions rose 25.9 percent in September 2024. In terms of volume of transactions, InstaPay transactions soared 66.68 percent in September 2024 compared to the same period last year while PesoNet volume transactions grew 9.78 percent. InstaPay, launched in April 2018, is a real-time low-value EFT credit push payment scheme for transaction amounts up to P50,000. It is designed to facilitate small value payments. These payments are useful for the purchase of retail goods, paying toll fees and tickets, as well as for e-commerce, which shall enable, among others, Micro, Small and Medium Enterprises (MSMEs).
PesoNet is a batch electronic fund transfer (EFT) credit payment scheme, which can be considered an electronic alternative to the paper-based check system. Under the rules of said Automated Clearing Houses
(ACHs), the fund transfer and/ or payment instructions will be processed in bulk and cleared at batch intervals. Each payee will then receive the full value in their account within the same banking day, provided the payment instruction was sent within the cut-off time. BancNet is the designated clearing switch operator for InstaPay for a two-year transitory period beginning from the time of its launch. The Philippine Clearing House Corporation (PCHC) is the designated clearing switch operator for PESONet for a two-year transitory period beginning from the time of PESONet’s launch.
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PHL’S GOAL: TOP 20% IN WB BIZ-READY REPORT By Andrea E. San Juan
KRISTINE-HIT TOURISM FIRMS, WORKERS TO GET DOT HELP
@andreasanjuan
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HE Philippines is aiming to belong to the top 20 percent of 50 countries being evaluated by the World Bank’s Business-Ready Report which measures how well the regulatory framework and public services support businesses and how efficiently they work together in a country, according to the Anti-Red Tape Authority (ARTA).
“Well, we should always aim for the top, hindi lang dapat tayo [we should not be just in the] top 40 [percent]. It should be top 20 percent,” ARTA Secretary Ernesto Perez told reporters on the sidelines of the 2024 Ease of Doing Business Convention on Monday in Parañaque City. This is possible, he added, if all the programs and initiatives being done under the directive of the President, if all those initiatives to govern for success and services, “will be streamlined and digitalized under a one-stop shop.” Perez added: “So 2026, that’s our aim. We’re pretty confident, because all of those reforms, initiatives are already laid down. They only need to be fully implemented with the support of the private sector and all agencies involved.” In a memorandum by the Office of the President on October 4, 2024, ARTA was designated as the “government focal point” for the World Bank Group’s Business Ready Report. “Pursuant to the ARTA’s mandates under Republic Act No. 11032 or the ‘Ease of Doing See “Phl’s,” A2
By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
THE Department of Tourism (DOT) is looking for ways to assist tourism workers and establishments distressed by the recent Tropical Storm Kristine (international name: Trami). This developed as the government agency said it had been able to assist 529 tourists stranded in various parts of the country, as the storm barreled through their host destinations. “In addition to assisting tour-
ists, we are also preparing to extend support to displaced tourism workers who may have been affected by this storm. As we continue to assess the damage to tourist sites and businesses, the DOT is ready to mobilize resources to help our tourism frontliners as well as tourism establishments recover and rebuild in the aftermath of the storm,” said Tourism Secretary Christina Garcia Frasco in a news statement. As of 5 pm, on Saturday, the DOT said 231 tourists in Batanes were supposed to have flown out See “Kristine,” A2
New digital tech boosting zero-hunger goal–PBBM
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EW digital technology is now helping achieve the government’s “zero-hunger” target, by linking over 100 food producers with potential markers, according to President Ferdinand Marcos. In his speech during the presentation of the signed Joint Memorandum Circular (JMC) Enhanced Partnership Against Hunger and Poverty (EPAHP), the chief executive stressed the important role of the Digital Mapping System, which was
developed with the technical support of the United Nations Food and Agriculture Organization, in their campaign against involuntary hunger. “At the core of this partnership lies our approach: we provide credit and insurance assistance and directly connect community-based organizations or CBOs to government feeding programs and to broader markets,” Marcos said. As of May 2024, the said See “Digital,” A2
FACE-OFF: NO REGRETS, NO REMORSE In a rare face-to-face encounter, former President Rodrigo Duterte and former Senator Leila de Lima attended a Senate Blue Ribbon Committee hearing, each standing firm in their convictions. Duterte defended his administration’s controversial war on drugs, asserting, “I offer no apologies, no excuses. I did what I had to do.” Meanwhile, de Lima, an outspoken critic of Duterte’s policies, joined the proceedings after spending seven years detained on charges she was ultimately acquitted of. The two longtime adversaries were invited to speak on the anti-drug campaign that claimed thousands of lives during Duterte’s presidency. NONIE REYES
PESO EXCHANGE RATES n US 58.1150 n JAPAN 0.3800 n UK 75.3577 n HK 7.4791 n CHINA 8.1599 n SINGAPORE 44.0099 n AUSTRALIA 38.4198 n EU 62.7410 n KOREA 0.0418 n SAUDI ARABIA 15.4825 Source: BSP (October 28, 2024)