BSP cases cover ₧3.37-B transactions C
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ISRAEL, IRAN EXCHANGE MISSILE STRIKES AMID CALLS FOR CEASEFIRE, CIVILIAN CASUALTIES SOAR
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OMPLAINTS received by the Bangko Sentral ng Pilipinas (BSP) involving unauthorized transactions have reached P3.37 billion in the past two years. Unauthorized transaction complaints make up only 13 percent of complaints received and processed by the BSP Consumer Assistance Mechanism (Cam). The complaints received by BSP have reached a total of 135,369 complaints between 2022 and 2024. The highest was 70,112 total complaints recorded in 2024. “Amounts involved in unauthorized transaction complaints range from one peso to millions of pesos. It should be noted that
this data is based solely on complainants’ voluntary disclosure of the amount in dispute; and that some complaints narratives about unauthorized transactions do not contain information on amounts,” BSP Cam told reporters. BSP Cam explained that unauthorized transaction complaints may include those alleged to be caused by phishing in all its forms such as voice phishing, SMS phishing, fake QR code phishing. These unauthorized transactions also include other social engineering schemes, and alleged fraud perpetrated by employees and/or other clients of the BSP Supervised Institutions (BSIs). Between 2022 and 2024, the
top recipient of complaints about unauthorized transactions are the universal and commercial banks followed by the non-bank e-money issuers. This is due to “their large aggregate number of account holders and highly digital nature of transactions, compared to other types of financial institutions.” “[Half or] 50 percent of the total CY 2022 and CY 2023 complaints were resolved in favor of complainants; 41.2 percent of the total CY 2024 complaints were resolved in favor of complainants,” BSP Cam said. “These percentages increase to 76 percent for each year, if we include resolutions that are par-
tially favorable to complainants,” it added. The data shared by BSP Cam also showed that on average, the majority or 62 percent of complainants with unauthorized transactions who escalated to the BSP CAM were female between 2022 and 2024. About 80 percent of these complainants are located in Luzon, and about 8 percent reside in Visayas. The rest either reside in Mindanao or outside the Philippines, or did not disclose their location when they filed their complaints. Earlier, BSP said it may see a decline in bank complaints, especially when it comes to scams See “BSP,” A10
BusinessMirror A broader look at today’s business Tuesday, June 17, 2025 Vol. 20 No. 247
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REMITTANCES AT LOWEST LEVEL SINCE MAY 2024 www.businessmirror.com.ph
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By Cai U. Ordinario @caiordinario
EMITTANCES received by the families of Overseas Filipinos (OFs) in April were at their lowest since May 2024, according to data released by the Bangko Sentral ng Pilipinas (BSP). The data showed remittances reached $2.664 billion in April 2025, up by 4 percent from the $2.562 billion registered in April 2024. However, this is the lowest level recorded since the $2.583 billion in May 2024. On a month-on-month basis, remittances contracted 5.2 percent from the $2.81 billion posted in March 2025. Unionbank Chief Economist Ruben Carlo O. Asuncion said there could be seasonal factors involved such as preparing for the coming school year. “We have actually lowered our OFW remittance forecast this year to 2.4 percent growth [previously 2.8 percent] for total flows of $35.3 billion, as we expect higher risk of weak overseas job opportunities amid global business conditions turning lackluster in a high tariff, global environment, despite the recent US-China trade compromise,” Asuncion told BusinessMirror on Monday. Ateneo de Manila University economist Leonardo Lanzona Jr.
said seasonal factors may play a part but this year, more “permanent factors” are also at play. Lanzona said April is considered the end of the fiscal year as Overseas Filipino Workers (OFWs) may have paid their taxes. He added that they may also be waiting for tax refunds before sending their remittances to their families in the Philippines.
Start of decline?
HOWEVER, the increasing possibility of recession and reduced job opportunities, especially in migrant-hosting countries, could mean that the April figures may be the start of a downward trend in remittances. “As the economies of major migrant-hosting countries experience downturns, migrants may earn less, reducing the money they can send home,” Lanzona told BusinessMirror. “Furthermore, stricter immigration policies especially in the See “Remittances,” A2
DOTR CHIEF: WE DESPERATELY NEED TRANSPORT SAFETY BODY By Ma. Stella F. Arnaldo Special to the BusinessMirror
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HE Department of Transportation (DOTr) is preparing to make its case before President Ferdinand R. Marcos Jr. to convince him of the necessity of establishing an independent transportation safety board. At the Infrastructure Forum of the Economic Journalists Association of the Philippines (Ejap) on Monday, Transportation Secretary Vivencio “Vince” B. Dizon underscored the need for a Philippine Transport Safety
Board (PTSB) that will ensure the safety of all forms of transportation on land, sea, and air, just like the National Transportation Safety Board (NTSB) in the United States. The PTSB will help the Philippines pass its safety about which was rescheduled to 2026. “There will be an Icao [International Civil Aviation Organization] audit next year and the only thing we really need to ensure we breeze through that audit practically is the PTSB...I don’t have to tell you about our problems with road safety, maritime safety, and air [safety, so See “DOTR,” A10
DRIVEN TO LEARN On e-bikes and jeepneys, they came—students eager to return to class as the country marked the official opening of School Year 2025–2026 on Monday, June 16. The Department
of Education (DepEd) said it is ready to accommodate around 27.6 million enrollees across some 48,000 public and 12,000 private schools—its first June opening since the academic calendar shift during the Covid-19 pandemic. At Parañaque National High School Main, the country’s largest Senior High School campus with around 16,000 students, parents accompanied their children to RFID-enabled gates that monitor student entry and exit. Inset: At Corazon C. Aquino Elementary School in Quezon City, a kindergarten teacher welcomes young learners on their first day of school. NONIE REYES AND NONOY LACZA
PBBM still weighing fate of ‘Konektado’ By Samuel P. Medenilla
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@sam_medenilla
RESIDENT Ferdinand Marcos will strike a balance between national interest and the concerns raised by the telecommunications companies and cable television groups before he decides on whether to sign or veto the proposed Konektadong Pinoy Act (KPA) or the Open Access Transmission Act. Palace Press Office Claire Castro made the assurance in a press briefing on Monday amid the calls for the chief executive to veto the KPA, passed by the bicameral conference last week, for its alleged unfair provisions which benefit data trans-
mission providers. The bill is now awaiting the signature of the President. “Let’s expect the President to listen to possible issues regarding this bill and we will [strike a] balance for the good of the countrymen, also for issues regarding national security and whether there is a negative impact on the telco industry,” she said. The Presidential Communications Office (PCO) undersecretary said they are still determining if Marcos already received a copy of the KPA. “The President will expedite this [review] as long as he [completes the] study of the bill’s every provi-
sion,” she said. The bill, on the list of priority legislation of the Marcos administration, aims to simplify the entry of service providers into the market to make internet services cheaper for consumers. Among the companies and organizations calling for the veto of KPA are the PLDT Inc., Federation of International Cable TV and Telecommunications Association of the Philippines (Fictap), and the Philippine Association of Private Telecommunications (Paptelco). These private companies rejected the proposed legislation because it exempts transmission providers from securing congressional fran-
chise and a Certificate of Public Convenience and Necessity. They also expressed alarm on the KPA provisions, which will supposedly reduce the regulatory duties of the National Telecommunications Commissions (NTC), and remove the vetting for new telecommunication players. The Department of Information and Communications Technology (DICT) and the Department of Economy, Planning, and Development (DEPDev) support the passage of the KPA, saying it will help increase market competition in the country’s telecommunications sector. See “PBBM,” A2
PESO EXCHANGE RATES n US 55.9950 n JAPAN 0.3880 n UK 75.9348 n HK 7.1338 n CHINA 7.7930 n SINGAPORE 43.6847 n AUSTRALIA 36.3072 n EU 64.6014 n KOREA 0.0410 n SAUDI ARABIA 14.9201 Source: BSP (June 16, 2025)