The following article published by The Philippine Star reports the substantial increase in total value of financial transactions handled by the Bangko Sentral ng Pilipinas’ PhilPass system. Published on the 15th of November, the article stipulates that the jump occurred in the first quarter of 2011 due to the steady rise of remittances of Filipinos working abroad and, improved economic condition in the country. To quote verbatim: “Data released by the BSP showed that…transactions…reached P147.81 trillion between January and June this year of P52.11 trillion more than the P95.7 trillion handled by the same system in the same period last year.”
The PhilPass System is part of the BSP’s effort to help the OFWs by providing cheaper, faster yet, efficient way of sending money back to the Philippines . RBAP is one of the four banking and financial institutions that have entered into an agreement with BSP to carry out this new cost effective process of interbank transaction.
For more information on this and other factors, which contributed to the better than expected performance, please click the attached URL link below: