World Bank apologizes over ‘inadvertent’ release of Philippine education report

The World Bank on Friday apologized to the Philippine government for “inadvertently” publishing a controversial report on the country’s education system ahead of schedule, after government officials criticized the findings.   “We deeply regret that the report on education was inadvertently published earlier than scheduled and before the Department of Education had enough chance to provide […]

Business group raises alarm on ‘serious crisis’ in PHL education

By Bianca Angelica D. Añago and Kyle Aristophere T. Atienza, Reporters EDUCATION in the Philippines is “in serious crisis,” according to the Philippine Business for Education (PBEd), and this affects not just the young generation’s future but also the nation’s economic growth prospects. “We are seeing declining access and quality of education, affecting the learning […]

Consumers more upbeat; business sentiment falls

Consumer sentiment improved in the second quarter as more jobs were created, but businesses were less optimistic due to a surge in coronavirus infections and rising prices, according to the Philippine central bank.  The Bangko Sentral ng Pilipinas (BSP) confidence index (CI) fell by 30.9% in the quarter ended June, better than the 34.7% slump a quarter earlier, it said on Friday. The number of households with a grim outlook went down, but they still outnumbered those with an optimistic view.  Consumer confidence was also upbeat for the third quarter and the next 12 months, the central bank said. The confidence index reverted to positive 1.3% from a 2.2% […]

Philippines secures $400M World Bank loan for financial sector reforms

The World Bank approved a fresh $400-million loan for the Philippines which will be used to support financial sector reforms as the country recovers from the pandemic.  The First Financial Sector Reform Development Policy Financing loan is the first of two World Bank programs aimed at strengthening the country’s financial sector stability, and expanding financial […]

Pertama Digital makes leap forward with two new investors for its digital bank

PENANG, Malaysia, Jun 24, 2021 – (ACN Newswire via – Pertama Digital Berhad announced today that it has signed Memoranda of Understanding (MoUs) with Perfect Hexagon Commodity and Investment Bank Limited (“PHCIB”) and Alsirat Sdn Bhd (“ASB”) to secure investment for its proposed digital bank. Licensed as a Labuan investment bank under the Labuan […]

Program delivery at local government unit level seen as key to addressing undernutrition

IMPLEMENTATION of nutrition policy needs to be improved to address undernutrition among Filipino children, a Zuellig Family Foundation official said. “We are not lacking in good nutrition laws. We are also not lacking in assessment reports,” he said. “Our challenge really is implementation,” Zuellig Family Foundation Chairman Ernesto D. Garilao said at the launch of […]

Pertama Digital announces 4 product partners for its digital bank

PETALING JAYA, MALAYSIA, Jun 9, 2021 – (ACN Newswire via – Pertama Digital Berhad announced today that it has secured the first four product partners, Trevo, Paywatch, Qoala and Butterfly FX, which will bring expertise and solutions in their respective fields to plug into Pertama Digital’s proposed digital bank. This comes after its recent […]

NBI files complaint in Wirecard scam

The National Bureau of Investigation (NBI) and Bank of the Philippine Islands (BPI) have filed  a criminal complaint against four people and other unknown suspects allegedly involved in the collapse of German payment company Wirecard AG last year.  Government prosecutors will conduct a preliminary investigation on the case, for falsification and violations of the General Banking Act, Electronic Commerce Act and […]

Diokno says BSP in no hurry to adopt digital currency

The Bangko Sentral ng Pilipinas (BSP) will continue to study the possibility of developing its own digital currency but will seek to build up its capacity to handle digital-currency operations.  “We are developing our capacity to adopt it but we are not in a hurry… at the moment,” Governor Benjamin E. Diokno said during the Institute of International Finance’s Asia-Pacific summit Friday, in response to a question about developing a central bank digital currency (CBDC).  “We remain supportive of financial innovations […]