Philippines

A total of $2.65b in remittances coursed through banks, the central bank said.   Personal remittances from Overseas Filipinos (OFs) grew by 3% to $2.95b in February, according to central bank data.

Foreign investments can now be registered upon registering at any authorized agent bank.

Consumer loans grew 25.2% partly due to demand for motor vehicle loans rising.

Customers can apply for loans up to approximately $886.

It eliminates the need to input details manually for traditional payments.

CEO Maria Theresa Marcial says they are targeting US$53b in AUM by 2026.

The Philippine central bank also warned against SKPOOLS MINING CORPORATION.   The Philippine central bank has warned the public against “Currency Computing Mining Machines”, saying that these are not within its purview.

It has reportedly received 25,000 sign-ups within three weeks.

Consumer loans and deposits both rose during the period.

It reminded the public to remain vigilant against bogus information.

Salary-based loans and motor vehicle loans pushed consumer loans to a 25.2% growth.

Over 3 in 4 of the loans disbursed in 2023 were from repeat customers.

It has a “traffic light system” in classifying if finance activities are SFTG-aligned.

The bank has partnered with Avaloq to automate and standardize the WM workflows.

It will support efforts to scale up UNO Digital Bank in the Philippines.

It has a 7% interest rate and has already onboarded 100 new homeowners.