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ANY electronic portal deals with big data and payment windows. Data must be protected and not captured to be flipped as a commodity and payment window for government transactions; the money should be transferred to government banks within 24 hours as required by DoF Circular 01-2015, removing revenue and expenditure floats. Government funds shall be deposited and maintained in the following banks: Land Bank of the Philippines, Development Bank of the Philippines, Philippine Postal Savings Bank, Al Amanah Islamic Investment Bank of the Philippines, United Coconut Planters Bank and Philippine Veterans Bank as a rule. ....
Doha: The Philippine Embassy in Qatar and Overseas Filipino Bank (OFBank) organised its first of the four series on financial awareness webinar to Fil. ....
The Duterte presidency had many problems, but it gave the Philippine central bank and finance ministry room to enact significant change in tax, digital reach, infrastructure and fiscal policy. OF Bank will be among its legacies. ....
Published April 29, 2021, 4:40 PM Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno expects to have two online-only banks with digital bank license to start operation by the second half of 2021, including Overseas Filipino (OF) Bank. Diokno said another two new digital banks with no existing banking license from the BSP are expected to start their business by middle of 2022 after completing the BSP’s pre-operating requirements and compliance to the P1 billion minimum capital. BSP Governor Benjamin E. Diokno (Credit: BSP photo) So far, Diokno said they have received four formal applications for digital bank license including OF Bank, a subsidiary of state-owned Land Bank of the Philippines, and this application has been approved last March 25. ....
Published April 22, 2021, 6:00 AM The Bangko Sentral ng Pilipinas’ (BSP) five-only digital banks is not a long-term limit and can be lifted depending on demand and requirement, according to BSP Governor Benjamin E. Diokno. “At the moment our policy is to consider among applicants the top five banks that we are willing to consider,” said Diokno. “Depending on our experience, we may expand the number of digital banks,” he said during the Asian Development Bank-hosted online discussion on BSP’s financial digitalization and inclusive COVID-19 recovery plans on Wednesday. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno ( Bloomberg file photo) ....