Published February 10, 2021, 8:00 AM
The crypto currency tack of the Cagayan Special Economic Zone and Freeport is right on track with the economic development path, not just in the Philippines but, globally.
This was stressed by Secretary Raul Lambino, who is also administrator and CEO of the Cagayan Economic Zone Authority (CEZA), the operator of the ecozone and freeport.
When he assumed office in 2017, launched the “Crypto Valley in Asia.” The future growth of the Cagayan Special Economic Zone and Freeport, he said, would be driven by new technology and innovative ideas, of which the cryptocurrency was the leading product.
The choices he made as Administrator and CEO of the Cagayan Economic Zone Authority (CEZA), which is in charge of the development and management of the Cagayan Freeport, have led the Zone on a high-growth path.
Published February 9, 2021, 6:40 PM
The Bangko Sentral ng Pilipinas (BSP) has issued an advisory warning banks and non-banks to be alert and detect clients or customers that are engaged in illegal online gambling and to report these activities to the proper government agencies including the central bank.
BSP memo (Circular Letter No. CL-2021-012) reminded all BSP-supervised financial institutions (BSFIs) to transact only with licensed and registered online gambling operations and for all banks to have sound risk management practices.
BSP Deputy Governor Chuchi G. Fonacier, who signed the circular memo on February 6, said BSFIs are cautioned to “deal only” with gambling and/or online gaming businesses that are “authorized/licensed by or registered with the appropriate government agency duly empowered by law or its charter to license or authorize entities or businesses to engage in such activities, and file suspicious transaction reports as warranted.”
(ALI VICOY / FILE PHOTO / MANILA BULLETIN)
Presidential spokesman Harry Roque said that the Inter-agency Task Force (IATF) for the Management of Emerging Infectious Diseases has set the following conditions on foreign nationals who will be allowed to enter the country starting February 16, 2021:
Foreign nationals with pre-booked accommodation for at least six nights in an accredited quarantine hotel/facility
Foreign nationals subject to COVID-19 testing at the quarantine hotel/facility on the sixth day from the date of arrival
Foreign nationals subject to the maximum capacity of inbound passengers at the port and date of entry.
Tourists not allowed
According to Roque, tourists are still not allowed to enter the country “unless with exemption.”
Binance’s Changpeng Zhao describes the Philippines as “one of the most active crypto communities in Asia” and it’s the perfect way to sum up the country’s blend of high adoption amid relatively low affluence.
With GDP spending power of less than $10,000 per head each year, this nation of 7,100 islands is far from a major contributor to worldwide exchange volumes. But in terms of day to day use and enthusiasm, a significant proportion of Filipinos appear to be leapfrogging directly from a cash-based economy to the future of fintech.
The country boasts 17 licensed digital currency exchanges, and tens of thousands of pawn shops and convenience stores happily accept cash deposits and withdrawals for various crypto exchanges and apps. You can buy Bitcoin with cash at any of the 3,000 7/Elevens in the land via Abra, and one in seven adults use the blockchain-based crypto and digital payments app Coins.ph. That’s a level of market penetration comparable to some of the most wel