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While the Philippines still lags the likes of S Korea and Taiwan in dollar millionaires, rapid wealth creation is prompting finance firms such as Credit Suisse to tap what was once Asia’s economic basket case.
In the Philippines, men hold 82% of the 265 board seats at the nation’s biggest lenders and some banks have no women on their boards at all.
Bangko Sentral estimates remittance transactions using bitcoin are now worth about $6 million a month.
The Philippines is considering regulations for digital currencies as the government seeks to bolster protection for the increasing number of overseas Filipinos using bitcoin and its counterparts to send money home. The volume of transactions involving digital currencies is “rising very quickly” because they offer a cheaper and quicker way… Read more »
Foreign banks including Japan’s Sumitomo Mitsui Financial Group Inc. and Singapore’s United Overseas Bank Ltd. have received approval to open branches after the Philippines loosened its rules on foreign ownership in 2014.