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 In line with its commitment to staying ahead in the digital age, the BSP will launch its mobile application (app). This move follows the successful strategies employed by renowned central banks like the Federal Reserve Bank of New York, Deutsche Bundesbank, and Bank Negara Malaysia; the BSP mobile app will offer Filipinos a seamless and convenient means of accessing BSP information and services literally at their fingertips.
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 Fraud can occur in the form of SMS phishing (smishing). Anyone can be a target so be alert. The Philippine Statistics Authority (PSA) warns the public of a text scam phishing for sensitive personal information and claiming that the recipient’s National ID has expired and must be renewed.
 The Securities and Exchange Commission (SEC) has effectively expanded accredited Personal Equity and Retirement Accounts (PERA) Administrators following its approval of the first PERA Administrator under its regulation.
 The Securities and Exchange Commission (SEC) is preparing new guidelines that will expand fundraising and investment opportunities in the Philippine capital market and, at the same time, strengthen the protection of investors and other financial consumers.
BOI Investment Approvals Soar to P1.62 Trillion, Setting a 57-Year Record and Surpassing 2024 Target1/9/2025  The Philippine Board of Investments (BOI) has approved P1.62 trillion in investments in 2024 as of December 17. This figure not only surpasses the agency’s P1.5 trillion target for the year but also marks the highest level of investment approvals in the BOI’s 57-year history.
 The Social Security System (SSS) announced that it is implementing a 1% contribution rate hike starting January 2025 to bring the contribution rate to 15% from the previous 14%, pursuant to the provisions of Republic Act (RA) No. 11199 or the Social Security Act of 2018. This is accompanied also by increases in the minimum Monthly Salary Credit (MSC) to P5,000.00 from the previous P4,000.00 and in the maximum MSC to P35,000.00 from the previous P30,000.00. With these, SSS put into effect the last tranche of contribution rate and MSC increases which started in 2019.
 The Securities and Exchange Commission (SEC) is entering the New Year with a stronger commitment to implementing policies and reforms that will further boost the capital market, strengthen the corporate sector, and support the country’s overall economic growth.
 The Philippine Deposit Insurance Corporation (PDIC) and the Kazakhstan Deposit Insurance Fund (KDIF), active members of the International Association of Deposit Insurers (IADI) and the IADI Asia-Pacific Regional Committee, forged a historic Memorandum of Understanding (MOU) to enhance bilateral relations, the first collaborative partnership between the two agencies to strengthen their respective insurance systems. The partnership focuses on cross-border cooperation and reflects the shared commitment of the two jurisdictions to more effectively carry out the mandates of depositor protection and financial stability.
 The SSS contribution rate will increase to 15% on January 1, 2025, according to Circulars Nos. 2024-006 to 2024-010, which cover five member groups. These circulars, issued on December 19, supersede Circulars Nos. 2022-033 to 2022-037, which established a 14 percent contribution rate for 2023.
 The country’s net external liability position eased by 3.6 percent quarter-on-quarter to P2.9 trillion in Q2 2024 from P3 trillion in Q1 2024 due to the higher net external asset position of the Central Bank. However, this was partially tempered by the increased net external liability position of the general government.
 At the Development Budget Coordination Committee (DBCC) meeting on December 2, 2024, the DBCC in consultation with the BSP, decided to retain the current inflation target of 2.0 – 4.0 percent for 2025 – 2026 and set the same inflation target for 2027 – 2028. By announcing a medium-term inflation target, the BSP aims to strengthen its forward-looking approach to monetary policy formulation with the view of helping anchor inflation expectations to the target.
 The Bangko Sentral ng Pilipinas (BSP) has released the specific penalties for offenses on the use of the Peso Real-Time Gross Settlement (RTGS) payment system. The penalties are to ensure consistent and efficient enforcement actions on RTGS participants.
 The Philippine Statistics Authority (PSA) has successfully released the Provincial Product Accounts (PPA) for all 82 provinces and 33 Highly Urbanized Cities (HUCs) in the Philippines. Among the provinces and HUCs, Quezon City’s economy accounted for the largest share to the Philippine economy in 2023 at 6.0 percent. This was followed by the City of Makati and Laguna, with shares of 5.6 percent and 4.9 percent, respectively. These three economies recorded trillion-peso Gross Domestic Product (GDP) amounting to P1.27 trillion, P1.18 trillion, and P1.03 trillion, respectively.
 The Bangko Sentral ng Pilipinas (BSP) has officially launched the “First Philippine Polymer Banknote Series” at Malacañang.
 The Philippine Stock Exchange, Inc. (PSE) reminds the public that its subsidiary, Capital Markets Integrity Corporation (CMIC), and its employees do not solicit investments and that any investment solicitation that is supposedly sponsored by CMIC did not come from, and is not authorized by, CMIC.
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Hi, I'm Ralph Gregore Masalihit! An RFP Graduate (Registered Financial Planner Institute - Philippines). A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy). Currently, I'm working my way toward time and financial freedom. Connect
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