MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is urging private sector employers to use transaction accounts to credit salaries and wages of their employees.
BSP Deputy Director Cesar Augusto Villanueva Jr. emphasized that transaction accounts widen workers’ access to financial services and enhance their financial welfare. This was highlighted during the International Labor Organization’s ‘Webinar on Advancing Financial Inclusion through Wages Digitization.”
“We would like to encourage private sector employers to consider using transaction accounts to credit salaries and wages, as this can enable workers to easily access financial services,” Villanueva said.
He pointed out that deposit, e-money and other financial...