BSP to BSFIs: Ensure smooth access to clients
T THE WORLD ›› A19
TAIWAN DEFENDS LEADER’S PLAN TO MEET US LAWMAKERS AS CHINA THREATENS RESPONSE
HE Bangko Sentra l ng Pilipinas (BSP) reminded BSP-Supervised Financial Institutions (BSFIs) that Instapay and PESONet customers must continue to have uninterrupted access to services this Holy Week. The BSP issued the reminder in anticipation of the public’s continued use of digital payments over the holidays and long weekends. This is in line with the central bank’s broader efforts to promote financial consumer welfare.
“BSFIs must ensure the uninterrupted availability of their contact channels—including hotlines, emails, and chatbots—to receive consumer concerns,” BSP said in a memorandum. “Furthermore, the BSFIs are also advised to ensure timely and adequate responses to concerns sent via these channels.” PESONet is a batch electronic fund transfer service that is a viable alternative for checks and recurring payments. Meanwhile, InstaPay is a real-time, low-value
payment substitute for cash transactions. The BSP, meanwhile, said the Monetary Board recently approved amendments to FX regulations to adopt as permanent policy the majority of the operational relief measures for FX transactions. Under Circular No. 1080 dated March 27, 2020 and related Circular Letters, the BSP adopted as a permanent policy some of the measures it introduced at the height of the Covid-19 lockdowns.
The implementing circular will take effect 15 banking days after its publication. These measures included the issuance in electronic form of BSP—International Operations Department (IOD) documents [e.g., BSP letter-approval, Bangko Sentral Registration Document (BSRD)] and electronic submission of BSP-IOD issued documents to authorized agent banks (AABs)/ See “BSFIs,” A2
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Wednesday, April 5, 2023 Vol. 18 No. 172
P25.00 nationwide | 2 sections 30 pages | 7 DAYS A WEEK
ADB projects slower PHL growth By Cai U. Ordinario
Online video piracy could cost PHL $1-B revenue loss
@caiordinario
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IGH inflation, tight monetary policy and global headwinds are expected to slow the country’s economic performance this year and next year, according to the latest report of the Asian Development Bank (ADB). The Manila-based multilateral development bank forecasts GDP growth to slow to 6 percent this year before growing to 6.2 percent next year. The country’s growth last year was 7.6 percent while the government’s GDP growth target is 6 percent this year. However, the country’s inflation rate this year is expected to outpace GDP growth. Inflation is forecast to average 6.2 percent in 2023 before slowing to 4 percent in 2024. “GDP growth already accounts for inflation. The 6 percent we’re talking about is real GDP that’s been adjusted for inflation. So it’s really telling you that nominal GDP obviously is outstripping inflation, so as long as real GDP is growing, it’s 5 to 6 percent, then that’s going to improve the See “ADB,” A2
By Andrea E. San Juan
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F online video piracy in the Philippines is not brought under control, the illegal activity could result in annual revenue loss of US$1 billion by 2027, a study cited by the Intellectual Property Office of the Philippines (IPOPHL) noted. According to the study of Media Partners Asia (MPA), an independent research provider, online video piracy was “pervasive” in 2022, growing to 20 million illegal users with revenue leakage of US$781 million, representing an “alarming” 53 percent of legal video industry/ screen revenues. Meanwhile, IPOPHL Director General Rowel S. Barba described the US$781-million revenue loss in online video piracy in 2022 as “alarming.”
PEOPLE’S OWN CALVARY Activists wait as they reenact the sufferings of Jesus Christ during a Holy Week protest in Manila on Monday April 3, 2023. Activist groups gathered for a rally to raise awareness of the hardships people are suffering as Holy Week begins in this predominantly Roman Catholic nation. AP/AARON FAVILA
See “Piracy,” A2
‘BOOST PHL FOOD CULTURE, FIGHT FOOD INSECURITY’ By Ma. Stella F. Arnaldo @akosistellaBM
Special to the BusinessMirror
T
HE recent pandemic and shortages in vital food ingredients have put more focus on the importance of Filipino food and its production. In a speech to celebrate the launch of Filipino Food Month (FFM), Philippine Culinary Heritage Movement (PCHM) founder, Chef Jose Antonio Miguel “Jam” Melchor, said, “More than ever, food isn’t just a matter of consumption, but also of production. More people are asking questions about the ethical aspects of eating: ‘How is my food grown?
How does it affect the environment? How does my food affect my body? How does it affect my financial capabilities? Thankfully these challenging times have led Filipinos to adopt the spirit of bayanihan. Organizations and individuals are setting up foodrescue initiatives, hosting discussions on the economics and socioanthropological elements of gastronomy, advocating for the importance of going and growing local, as well as cooking with both a respect for tradition and push for innovation.” He likewise underscored the “unique opportunity to build a stronger and better food system to address several systemic is-
sues, and to ensure that everyone has access to good, clean, and fair food. It is a must for all of us to work together in preserving the Filipino food culture to fight food insecurity. Food will always be an essential part of our culture and identity as Filipinos. We must celebrate this uniqueness as it conveys the story of the country and unites the spirits of the Filipino people.” The determination of April as Filipino Food Month, or “Buwan ng Kalutong Pilipino,” was made by President Rodrigo Roa Duterte through Presidential Proclamation No. 469 signed on April 13, 2018. The presidential directive, for which the PCHM had actively
lobbied, also designated the Department of Agriculture and the National Commission for Culture and the Arts (NCCA) as lead agencies for the celebration, working closely with the Department of Tourism in the implementation of their respective programs and projects for the month. FFM was recently launched at the Metropolitan Theater, with the theme “Pagkaing Sariling Atin, Mahalin at Pagyamanin.” Melchor said the national celebration “aims to appreciate, preserve, promote, and ensure the transmission of the vast Filipino culinary traditions and treasures See “Food culture,” A2
PESO EXCHANGE RATES n US 54.5910 n JAPAN 0.4122 n UK 67.8075 n HK 6.9561 n CHINA 7.9382 n SINGAPORE 41.1417 n AUSTRALIA 37.0182 n EU 59.5260 n KOREA 0.0418 n SAUDI ARABIA 14.5557 Source:
BSP (4 April 2023)