Moody’s Investors Services said Philippine banks are opting to ramp up their digitalization programs rather than to acquire and merge with problematic banks.

Transactions involving virtual currencies continued to rise in the Philippines despite the advisories issued by the Bangko Sentral ng Pilipinas (BSP) cautioning the public on the acquisition, possession and trading of virtual currencies, particularly bitcoins.

Philippine banks are stepping up their digital transformation to make transactions easier for more Filipinos and in support of the cash-lite environment being pushed by the Bangko Sentral ng Pilipinas (BSP).

With only two weeks left before the June 30 deadline for the mandatory shift to the Europay, Mastercard, Visa (EMV) technology, a significant number of clients have yet to visit their bank branches to claim their cards and update their personal information.

The Bangko Sentral ng Pilipinas (BSP) has approved the establishment of 45 branch-lite units of big and small banks nationwide as part of efforts to promote financial inclusion.