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Harvard ‘legacy’ policy challenged on heels of affirmative on ruling

THREE civil rights groups filed a complaint against Harvard on Monday, claiming its preferential policy for undergraduate applicants with family ties to the elite school overwhelmingly benefits white students, days after the US Supreme Court struck down its race-conscious admissions policies.

The groups filed a complaint with the US Department of Education claiming that Harvard’s preferences for “legacy” applicants violates a federal law banning race discrimination for programs that receive federal funds, as virtually all US colleges and universities do.

Last week, the Supreme Court said race-conscious policies adopted by Harvard University and the University of North Carolina to ensure that more non-white students are admitted are unconstitutional. The decision was a major blow to efforts to attract diverse student bodies and is expected to prompt new challenges to admission policies.

Harvard College is the undergraduate school of Harvard University.

The groups in Monday’s complaint said the Supreme Court ruling had made it even more imperative to eliminate policies that disadvantage non-white applicants.

Harvard did not immediately respond to a request for comment.

The groups are represented by Lawyers for Civil Rights, a Boston-based nonprofit that describes itself on its website as working with “communities of color and immigrants to fight discrimination.”

Ivan Espinoza-Madrigal, the group’s executive director, said the Supreme Court last week made clear that any policies that disadvantage racial groups are unlawful by noting that “eliminating racial discrimination means eliminating all of it.”

“Your family’s last name and the size of your bank account are not a measure of merit, and should have no bearing on the college admissions process,” he said in a statement.

Legacy policies, which are common at US colleges and universities, have become increasingly controversial

President Joseph R. Biden, a Democrat, in remarks following las week’s Supreme Court ruling, said schools should consider eliminating legacy policies because they “expand privilege instead of opportunity.”

Several prominent lawmakers from both parties made similar comments. Representative Barbara Lee, a Democrat from California, called legacy policies “affirmative action for white people” in a tweet.

According to Monday’s complaint, nearly 70% of Harvard applicants with family ties to donors or alumni are white and are about six times more likely to be admitted than other applicants.

About 28% of Harvard’s class of 2019 were legacies, the groups said in the complaint. That means fewer admissions slots were available for non-white applicants who are far less likely to have family ties to the school, they said.

The groups are asking the Department of Education to investigate Harvard’s admission practices and order the school to abandon legacy preferences if it wants to continue receiving federal funding. Michael Kippins, one of the lawyers who filed the complaint, said in an email that Lawyers for Civil Rights has not ruled out filing a lawsuit against Harvard in the future.

When the Supreme Court heard the Harvard and UNC cases last October, a lawyer for the group that had sued the schools argued that eliminating legacy preferences “would make Harvard far less white, wealthy, and privileged.”

Conservative Justices Neil Gorsuch and Clarence Thomas appeared to agree, pressing Harvard’s lawyer on why the school could not get rid of the legacy policy instead of granting separate preferences to non-white students.

The lawyer, Seth Waxman, told the court that there was no evidence that ending legacy preferences would lead to a more diverse student body. — Reuters

Taliban administration orders beauty salons in Afghanistan to close

AN AFGHAN BURQA SHOP — FLICKR.COM-SIGARHQ

KABUL — The Taliban administration in Afghanistan has ordered beauty salons to close within a month, the morality ministry said, in the latest shrinking of access to public places for Afghan women.

“The deadline for the closing of beauty parlours for women is one month,” Mohammad Sadiq Akif, a spokesperson for the Ministry for the Prevention of Vice and Propagation of Virtue, said on Tuesday, referring to a ministry notice.

Foreign governments and U.N. officials have condemned growing restrictions on women since the Taliban returned to power in 2021 after defeating a U.S.-backed government as foreign forces withdrew.

Last year, authorities closed most girls’ high schools, barred women from university and stopped many female Afghan aid staff from working. Many public places including bathhouses, gyms and parks have been closed to women.

Beauty salons sprung up in Kabul and other Afghan cities in the months after the Taliban were driven from power in late 2001, weeks after the Sept. 11 attacks on the United States.

Many remained open after the Islamists returned to power two years ago but with their signs and windows covered up, providing some women with jobs and their customers with their services.

Western government and international organizations have signalled that restrictions on women are hampering any possible progress to international recognition for the Taliban administration.

The administration says it respects women’s rights in accordance with its interpretation of Islamic law and Afghan customs. — Reuters

Japan’s Mitsui, First Pacific raise offer for Philippines’ Metro Pacific

MANILA – Japan’s Mitsui, Hong Kong’s First Pacific and their partners on Tuesday lifted an offer to buy out minority shareholders in Philippine infrastructure firm Metro Pacific to as much as P54.8 billion ($990.7 million).

In separate disclosures, the buyers offered P5.20 per share, up 12% from a previous offer that resulted in backlash over what minority shareholders deemed a low valuation for the firm with interests in power, water, hospitals and toll roads.

The latest offer price represents a 22% premium to Metro Pacific’s last close on April 26, before the offer was first disclosed, and is 37% higher versus a one-year weighted average price.

The deal would see the acquisition of up to 36.6% of Metro Pacific’s shares owned by minority public stockholders by a consortium that includes Mitsui, Japanese government-backed fund JOIN, First Pacific, and their Filipino partners.

“It signals an earnest desire by the offerors to listen to the market’s clamour for a fair price,” Juan Paolo Colet, managing director of investment bank China Bank Capital in Manila said of the increased price.

Many minority shareholders will seriously consider selling shares amid a prospect of holding a perennially undervalued stock, Colet added.

The deal further hinges on stockholders approving in August the delisting of Metro Pacific’s common shares from the Philippine bourse.

Metro Pacific has long been considered a target for strategic investment and privatisation owing to its cheap valuation.

Indonesian tycoon Anthoni Salim’s First Pacific, an investment holding firm listed in Hong Kong, owns 46% already.

Mitsui and JOIN combined would take up to 20% of Metro Pacific if the offer is successful, with the remainder to be bought by existing shareholders including First Pacific and other Filipino partners.

Metro Pacific’s shares were suspended from trading on Tuesday. — Reuters

How Japan plans to release Fukushima water into the ocean

Screenshot from Google Maps

 – Japan is set to begin pumping out more than a million tonnes of treated water from the destroyed Fukushima Daiichi nuclear power plant this summer, a process that will take decades to complete.

The water was distilled after being contaminated from contact with fuel rods at the reactor, destroyed in a 2011 earthquake. Tanks on the site now hold about 1.3 million tonnes of radioactive water – enough to fill 500 Olympic-sized swimming pools. Here is how Tokyo Electric Power Company (Tepco) plans to deal with the water:

 

WATER RELEASE

Tepco has been filtering the contaminated water to remove isotopes, leaving only tritium, a radioactive isotope of hydrogen that is hard to separate from water. Tepco will dilute the water until tritium levels fall below regulatory limits before pumping it into the ocean from the coastal site.

Water containing tritium is routinely released from nuclear plants around the world, and regulatory authorities support dealing with the Fukushima water in this way.

Tritium is considered to be relatively harmless because it does not emit enough energy to penetrate human skin. But when ingested it can raise cancer risks, a Scientific American article said in 2014.

The water disposal will take decades to complete, with a rolling filtering and dilution process, alongside the planned decommissioning of the plant.

 

REACTION TO OCEAN RELEASE

Tepco has been engaging with fishing communities and other stakeholders and is promoting agriculture, fishery and forest products in stores and restaurants to reduce any reputational harm to produce from the area.

Fishing unions in Fukushima have urged the government for years not to release the water, arguing it would undo work to restore the damaged reputation of their fisheries.

Neighboring countries have also expressed concern. China has been the most vocal, calling Japan‘s plan irresponsible, unpopular and unilateral. – Reuters

China to restrict exports of chipmaking materials as US mulls new curbs

 – China will control exports of some metals widely used in the semiconductor industry, its commerce ministry announced on Monday, the latest salvo in an escalating war over access to high-tech microchips between Beijing and the United States.

The controls, which China said were aimed at protecting national security and interests, will require exporters to seek permission to ship some gallium and germanium products.

The move to manage exports of the rare elements that Beijing classifies as strategic, comes as Washington mulls new restrictions on the shipment of high-tech microchips to China, according to media reports.

The United States and the Netherlands are also set to deliver a one-two punch to China‘s chipmakers this summer by further restricting sales of chipmaking equipment, part of efforts to prevent their technology from being used to strengthen China‘s military.

China‘s controls, to take effect from August 1, will apply to eight gallium-related products: gallium antimonide, gallium arsenide, gallium metal, gallium nitride, gallium oxide, gallium phosphide, gallium selenide and indium gallium arsenide.

They will also apply to six germanium products: germanium dioxide, germanium epitaxial growth substrate, germanium ingot, germanium metal, germanium tetrachloride and zinc germanium phosphide.

Exporters will need to go through procedures to obtain export licenses, China‘s commerce ministry said in a statement.

Anyone exporting these products without permission and those who export in excess of the permitted volumes will be punished, it said.

Germanium is also used in infrared technology, fibre optic cables and solar cells. – Reuters

Putin, Xi to attend virtual SCO summit hosted by India’s Modi

INDIAN PRIME MINISTER NARENDRA MODI — PHILLIPINES GOVERNMENT VIA PICRYL.COM

 – Leaders of the Shanghai Cooperation Organisation (SCO) on Tuesday will hold an online summit hosted by India seeking to expand the influence of the Eurasian group by including Iran and opening a path to membership for Belarus.

China’s President Xi Jinping and Russian leader Vladimir Putin will participate in the virtual summit, which will be Putin’s first appearance at an international event since he crushed a mutiny by the Wagner mercenary group in late June.

Formed in 2001 by China and Russia, with former Soviet central Asian states as members and joined later by India and Pakistan, the eight-member SCO is a political and security group that seeks to counter western influence in Eurasia.

While Iran is expected to be accepted as a member, Belarus will sign a memorandum of obligations which will lead to its membership later. When both countries, which have observer status and enjoy close ties to Moscow, are accepted as members of the SCO it will expand the grouping’s western flank in both Europe and Asia.

The summit takes place barely two weeks after Indian Prime Minister Narendra Modi was hosted by US President Joe Biden for a state visit, and the two countries called themselves “among the closest partners in the world”.

India, which holds the presidency of SCO and the G20 this year, has walked a diplomatic tightrope as relations between western nations and a Russia-China partnership have been fraught due to Moscow’s invasion of Ukraine last year, and Beijing’s growing assertive presence in the global geopolitical theatre.

Mr. Putin spoke to Modi in a call last week to discuss the aftermath of the quashed mercenary mutiny. During the discussion Mr. Modi reiterated a call for dialogue and diplomacy regarding the war in Ukraine.

Last year on the sidelines of the summit in Uzbekistan Modi told Mr. Putin that it is not the era of war, which is the closest India has come to addressing the issue of the war directly with the Russian leader.

 

RUSSIAN OIL

Both Mr. Putin and Xi are expected to visit New Delhi in September as India hosts the G20 summit, for which Biden and leaders of other member nations are also likely to be present.

India has refused to blame Russia for the war and increased bilateral trade largely by lifting purchases of Russian oil to a record high, which has irked several western capitals.

The summit on Tuesday will also see Mr. Modi sharing the virtual stage with Xi for the first time since November when the two leaders were present for the G20 summit in Indonesia.

The relationship between the two nuclear-armed Asian giants has been frosty for over three years as they are involved in a continuing standoff on their Himalayan frontier.

It will also bring Mr. Modi face to face online with his Pakistani counterpart Shehbaz Sharif, 10 months after they both attended the SCO summit in Uzbekistan.

New Delhi announced last month that the summit will be held virtually, without providing any justification. India will hand over the presidency of the bloc to Kazakhstan at the summit.

SCO member nations are expected to discuss Afghanistan, terrorism, regional security, climate change and digital inclusion, among other topics.

Foreign Ministers of SCO members met in India’s coastal resort-state of Goa in May, which ended in old rivals India and Pakistan attacking each other over Kashmir, terrorism and a souring of bilateral ties. – Reuters

Twitter says users must be verified to access TweetDeck

JOSHUA HOEHNE/UNSPLASH

Twitter users will soon need to be verified in order to use TweetDeck, the social media company said in a tweet on Monday.

The change will take effect in 30 days, the company said.

Twitter made the announcement in a tweet detailing an improved version of TweetDeck with new features. It was unclear if Twitter will charge users for both the new and old version of TweetDeck. Twitter did not immediately respond to request for comment.

Charging for TweetDeck, which was previously free and is widely used by businesses and news organizations to easily monitor content, could bring a revenue boost to Twitter, which has struggled to retain advertising revenue under billionaire Elon Mr. Musk’s ownership.

The move comes just days after Mr. Musk said that both verified and unverified users would have a limited number of posts they could read per day “to address extreme levels of data scraping & system manipulation.”

His announcement sparked a fierce backlash from users on Twitter, and ad experts said it would undermine new CEO Linda Yaccarino, who started in the role last month.

Individuals must pay $8 per month to verify their account, while organizations pay $1,000 per month. – Reuters

Microsoft faces EU antitrust probe after remedies fall short, sources say

Microsoft is likely to face a European Union antitrust investigation in the coming months after remedy discussions with the EU watchdog to avert such a move appear to have hit a roadblock, people familiar with the matter said.

Microsoft, which has been fined 2.2 billion euros ($2.4 billion) in the previous decade for practices in breach of EU competition rules, including tying or bundling two or more products together, found itself in the EU crosshairs after a complaint by Salesforce-owned workspace messaging app Slack in 2020.

Microsoft added Teams to Office 365 in 2017 for free, with the app eventually replacing Skype for Business.

Slack alleged that its rival had unfairly integrated workplace chat and video app Teams into its Office product. The company did not respond to a request for comment on Monday.

Microsoft kicked off talks with the European Commission last year in a bid to stave off an investigation. It recently offered to cut the price of its Office product without its Teams app.

The European Commission, which hopes a price differential between Office with Teams and Office without the app will ensure a level playing field with rivals and give consumers more choice, has been seeking a deeper price cut than that offered by the U.S. software giant, the people said.

The EU executive declined to comment.

A Microsoft spokesperson said: “We continue to engage cooperatively with the Commission in its investigation and are open to pragmatic solutions that address its concerns and serve customers well.”

The company, which risks a fine up to 10% of its global turnover if eventually found in breach of EU antitrust rules, could still improve its remedy before the watchdog kicks off an investigation. – Reuters

Beyond Borders: Successful conclusion of the 2023 International Tax Conference by The Asian Consulting Group

The 2023 International Tax Conference concluded with great success last June 15. Esteemed speakers and panelists shared their expertise and engaged in insightful discussions on economic and tax issues, tax policies and digitalization in the Philippines, and good governance and ease of doing business.

Notable speakers included Ralph van Doorn, senior economist of the World Bank Philippines; and Romeo Balanquit, assistant secretary of the Philippines’ Department of Budget and Management. They delivered speeches on addressing global and local economic and taxation challenges, highlighting the need for a resilient system in the Philippines.

Mr. van Doorn presented on the “Economic Outlook — Addressing High Inflation (Glance at the Philippines’ Economic Updates),” emphasizing the country’s outperformance compared to regional peers and the importance of ongoing reforms for sustained growth and development.

The conference featured industry leaders and experts such as Ragnar Gudmundsson from the International Monetary Fund, Aekapol Chongvilaivan from the Asian Development Bank, and Senator Win Gatchalian. They discussed the current tax landscape and explored ways to simplify compliance for businesses while fostering growth and sustainability.

Kirbee Tibayan from the United Nations Office on Drugs and Crime shared valuable insights on the implementation review of the United Nations Convention Against Corruption (UNCAC). She highlighted the progress made by the Philippines in implementing anti-corruption measures and promoting transparency.

The conference also showcased the expertise of Philippine Tax Whiz Mon Abrea, who discussed the challenges of corruption and launched his book, Reimagining the World Without Corruption, which received positive reception from industry professionals.

Former Vice-President, Atty. Leni Robredo, delivered a powerful closing speech, reminding participants of the role taxation plays in the public good and encouraging them to be responsible citizens committed to building a better nation.

Overall, the 2023 International Tax Conference provided a platform for in-depth discussions, valuable insights, and knowledge exchange on pressing economic and tax issues. Participants left with a renewed commitment to contribute to the growth and prosperity of the Philippines.

 

 


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Traveltech BPO Philippines: Cynergy BPO – Charting the Course for a Seamless Journey in Outsourcing

In the pantheon of industries experiencing seismic digital shifts, travel technology, or “traveltech,” stands as a towering figure. Emerging as a symphony of transformative technology and the primal human urge to explore, it is redefining the way we traverse the globe.

Navigating these swirling currents of change, one organization stands as a compass — Cynergy BPO. Led by its CEO, John Maczynski, the company is carving an intuitive path through the complex landscape of BPO to the Philippines.

“The digital transformation is revolutionizing the way the world explores, but it also adds complexity,” states Maczynski. “Businesses need to focus on creating the best possible travel experiences, and that’s where we come in. The advisory firm ensures that their non-core tasks are handled effectively and efficiently.”

Cynergy BPO isn’t just another player in the field; it is a seasoned navigator. As a leading advisory firm, it aids global traveltech businesses in identifying the right outsourcing opportunities in the Philippines. The company’s deep knowledge of both the Philippine vendor landscape and the intricate demands of the industry sets it apart.

“Finding the right BPO partner in a new country can be overwhelming,” says Maczynski. “We function as a guiding star, leading our clients to world-class BPO providers who specialize in the sector and align with their needs and objectives.”

In a world that revolves around data, protecting it is of paramount importance. Recognizing this, the firm underscores its commitment to data security and compliance to regulations. “Data security isn’t negotiable in the traveltech sector. Maintaining these high standards is an integral part of our service proposition,” asserts Maczynski.

However, the company’s commitment extends beyond service delivery. Cynergy BPO places its clients’ business goals at the center of its strategy, focusing on creating a bespoke service model for every client. This personalized approach ensures a smooth journey, from the initial exploration of the BPO landscape to the eventual transition of services.

While the road to outsourcing may seem daunting to many businesses, Cynergy BPO aims to make this a journey of discovery and growth. “Outsourcing can be a leap of faith, but with the right guidance, it’s a leap that can propel a company to new heights,” states Ralf Ellspermann, the CSO of the company. “Our goal is to demystify the process and provide a clear roadmap to success.”

Cynergy BPO’s role as a strategic advisor to companies is proving invaluable, especially in an era where efficiency and cost-effectiveness can determine a company’s competitive edge. Its services come at no cost, without any obligation, enabling businesses to explore the potentials of outsourcing in the Philippines risk-free.

Outsourcing in the Philippines is no longer a well-kept secret. But finding the right match for your needs, ensuring compliance and security, and managing relationships — that’s the challenge,” Ellspermann explains. “That’s the journey we guide our clients through. The reward at the end is not just cost savings or efficiency gains. It’s a stronger, more resilient business ready to face the future.”

As the sector continues to evolve, so does the value of having an expert guide in the complex world of BPO. The choice between trial and error and a sure bet becomes more apparent. Partnering with Cynergy BPO is not just a smart business move; it’s a voyage towards success.

Traveltech is carving out the future of global exploration, and with Cynergy BPO as a compass, businesses can embark.

 


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Manufacturing growth cools in June

A WORKER wipes an automotive computer component part at an electronics assembly line in Biñan, Laguna, April 20, 2016. — REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

PHILIPPINE FACTORY ACTIVITY lost momentum in June, with output expanding to its slowest pace in 11 months, S&P Global said on Monday.

The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) eased to 50.9 in June from 52.2 in May, remaining above the 50-point index mark that separates growth from contraction.

This was the weakest manufacturing growth seen in 11 months or since the 50.8 reading in July 2022.

June also marked the 17th straight month that the PMI reading was above 50.

“Growth across the Filipino manufacturing factor slowed as the June PMI index reading signaled the weakest improvement in the health of the sector since July 2022,” Maryam Baluch, economist at S&P Global Market Intelligence, said in a statement.

“The muted headline figure reflected softer rates of expansion across both output and new orders, while manufacturing employment registered a fresh reduction,” she added.

The headline PMI measures manufacturing conditions through the weighted average of five indices: new orders (30%), output (25%), employment (20%), suppliers’ delivery times (15%) and stocks of purchases (10%).

Based on the latest PMI reading, the Philippines had the third best PMI reading in June out of six Southeast Asian countries.

The Philippines was behind Thailand (53.2) and Indonesia (52.5), but ahead of Myanmar (50.4). Meanwhile, Malaysia (47.7) and Vietnam (46.2) both reported a contraction in factory activity.

WEAK DEMAND
“Filipino manufacturing firms signaled a moderate improvement in overall business conditions in the closing month of the second quarter. Overall growth was supported by continued expansion in production and factory orders. However, in both cases, the rates of increase eased from May, with some panelists reporting weaker underlying demand trends,” S&P Global said.

Firms’ output only showed a “fractional rise” in June, and the weakest since the current run of expansion started in September 2022, it added.

Philippine firms saw a slower rise in new orders, although they noted this was driven by additional demand and new client wins.

“Similarly, while helping to sustain growth in total factory orders, foreign demand for Filipino manufacturers’ goods also expanded in June,” S&P Global said.

However, manufacturing firms reported a decline in employment due to slowing output growth.

“According to surveyed businesses, the renewed reduction in manufacturing employment was in part due to the non-replacement of voluntary leavers as well as some firms actively reducing their payroll numbers,” S&P Global said.

On the other hand, firms increased their purchasing activity for a 10th straight month in June, and at the fastest clip in four months.

The survey also showed that price pressures eased in June.

“Rates of input price and output charge inflation slowed and were the softest recorded in over two-and-a-half years. With inflationary pressures fading and global economic uncertainties still a looming threat to growth, the central bank maintained their policy rate at 6.25% for the second successive policy meeting in June,” S&P Global said.

Philippine firms also kept an optimistic outlook for the next 12 months.

“Going forward, the sector remains optimistic of growth in the coming 12 months. However, global headwinds could dampen the outlook for manufacturers in the Philippines,” Ms. Baluch said.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said that manufacturing growth slowed in June as demand eased.

“Also, the lack of pickup on demand and activity has once again translated to a slower recovery in employment,” he said in a Viber message.

China Banking Corp. Chief Economist Domini S. Velasquez said that weaker manufacturing growth may be attributed to the moderation in economic activity.

“Although external headwinds will likely cause softer export demand, we think that this is likely to improve. Easing supply chains globally could prop up the manufacturing sector despite weak demand. Domestically, a slowdown in consumer and producer prices should benefit the manufacturing sector,” she said in a Viber message.

“Moving forward, we expect the manufacturing sector to continue to expand modestly until we see improvements in Chinese and advanced economies’ demand,” she added.

New BSP governor sees inflation returning to target before yearend

BSP GOVERNOR ELI M. REMOLONA

THE NEW Bangko Sentral ng Pilipinas (BSP) chief sees inflation returning to the 2-4% target range before the year ends.

“Inflation has finally started to come down, and if our models are right, we should be back in our target range even by the end of this year,” BSP Governor Eli M. Remolona said during the turnover ceremony and the BSP’s 30th anniversary event at its head office in Manila on Monday.

Mr. Remolona takes over the central bank after his predecessor Felipe M. Medalla led an aggressive monetary tightening campaign to curb inflation.

From May 2022 to March this year, the BSP has raised interest rates by 425 basis points to combat inflation. This brought the policy rate to 6.25%, the highest in nearly 16 years.

Mr. Medalla, who served 11 years as a Monetary Board member and one year as BSP governor, said the past year “was a year like no other” as the central bank faced unprecedented challenges and fought record-high inflation.

“We acted decisively. We also sold foreign exchange as necessary… Combined with non-monetary measures, our actions helped reduce second-round effects and re-anchor inflationary expectations,” he said.

Mr. Medalla noted that the Philippines may see 18 straight months of inflation being above the 2-4% target from April 2022 to September 2023. This is three months longer than the longest record of 15 months in 2008 to 2009.

“Unless there are new shocks, we should see inflation below 4% before the end of this year,” he said.

The BSP sees full-year inflation averaging at 5.4%, before further slowing down to 2.9% in 2024.   

Also, Mr. Remolona said the country’s banking system remains strong.

“Capital and liquidity have been more than adequate. That’s why, in recovering from the pandemic, our banks have been a source of strength, unlike in previous crises, when they were a source of weakness,” he said.

Based on central bank data, the combined net profit of Philippine banks rose by 45.6% to P96.62 billion as of end-March from P66.34 billion in the same period in 2022.

“The plumbing of our system — our payments and settlement system — has increasingly become digitalized and efficient. We are delivering greater and greater access to financial services for our people,” Mr. Remolona said.

The BSP is aiming to have 50% of retail payments done digitally and 70% of adult Filipinos become part of the formal financial system by 2023.

The central bank reported that the share of online payments in the total volume of retail transactions in the country stood at 42.1% in 2022, while the country’s banked population was at 56% of all adults in 2021. — KBT