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Technology

Bonds.PH app makes bond investing easy for unbanked

Union Bank of the Philippines President and CEO Edwin R. Bautista says the Bonds.PH mobile app will benefit every Filipino.
Union Bank of the Philippines President and CEO Edwin R. Bautista says the Bonds.PH mobile app will benefit every Filipino.

Have you ever thought of investing in retail treasury bonds? Now the Bonds.PH mobile app makes it easy for every Filipino, even the unbanked, to do so for as low as US$100.

The Philippine Bureau of the Treasury (BTr) is the first in Asia to launch an app for the distribution of retail treasury bonds enabled by Distributed Ledger Technology (DLT).

“The launch of Bonds.PH paves the way for all Filipinos, particularly the unbanked, to easily and affordably invest in the BTr’s newest retail treasury bond, RTB-24 or the Progreso Bonds. The mobile app presents a compelling opportunity for all to invest and help the Republic raise funds for economic recovery and COVID-19 response,” Philippine National Treasurer Rosalia V. De Leon said in a press statement.

The launch was made possible in partnership with Union Bank of the Philippines (UnionBank) and Philippine Digital Asset Exchange (PDAX).

“This is the first retail treasury bond issuance to leverage on blockchain technology in Asia, and likely the world. The Philippines is ready to lead the way into the future and tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos,” said UnionBank President and CEO Edwin R. Bautista.

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A Life Less Analog Technology

BSP chief: 50% of retail payments to be digital by 2023

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The Philippines has embraced the digital imperative, according to Bangko Sentral ng Pilipinas Governor . In line with this, at least 5o percent of the country’s retail payments will already shift to digital by 2023.

“There is no arguing that the new economy is digital. Our aspirations for a more inclusive and prosperous post-COVID world necessitate putting in place the critical pillars of a digital economy, including robust digital infrastructure, digital skills, e-government, digital ID, and an enabling legal/regulatory framework. All these have given new urgency to BSP’s longstanding financial inclusion and digital transformation agenda for the financial sector,” said Diokno.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said that by 2023, at least 50 percent of the country's retail payments will already be digital.

“The BSP committed by the end of my term at least 50 percent of retail payment transactions shifted to digital, and 70 percent of adult Filipinos having and using a transaction account. Towards this end, the BSP has drawn up a three-year digital payments transformation roadmap outlining our priority policy initiatives, including open banking.”