6
RETAIL NEWS CAPSULE
PHILIPPINE RETAILING
BSP wants 50% of all transactions
done electronically in next 5 years
Despite living in a country where sari-sari stores and the tingi culture
thrive, the Bangko Sentral ng Pilipinas (BSP) expressed optimism that
Filipinos will start to embrace digital payments more in the next couple of
years.
“We can imagine the Philippines becoming a cash-light economy, with
e-payments accounting for at least half of total financial transactions in
five years,” BSP Governor Benjamin Diokno said.
The governor also reiterated that monetary officials are on track to
reaching their goal of increasing the share of e-payment transactions to
20% by 2020 from below 1% in the last five years.
Diokno attributed the rise in digital payments to the BSP’s implementation
of the National Retail Payment System (NRPS), which is a framework for
interoperable, secure, efficient and affordable fund transfers.
The governor also said monetary officials are keen on hitting the targets
of reducing the number of unbanked municipalities from about a third a
few years back to only 20% by the end of next year, and to have the
estimated 20 million unbanked or underserved Filipinos access the formal
financial system also by the end of 2020.
Business Mirror, 10/10/2019
Photo from: www.pilipinomirror.com
Araneta Center
reintroduces itself
as Araneta City
Over 60 years since it pioneered the commercial district concept in Metro
Manila, Araneta Center rebrands itself as Araneta City.
Calling itself as the “City of Firsts,” Araneta City launched 3rd quarter last
year its new brand, logo and mobile application.
ACI Chairman of the Management Committee Rowell Recinto highlighted
how a place known for shopping has transformed into a place which can
aptly be described as a city.
“We used to be a center and center connotes shopping but now we know
we have offices, we have residential, we know that we have
entertainment, we have shopping, we know that we have dining. That’s
what cities have right?” Recinto said.
Since it is easily reached through several modes of transportation, Recinto said Araneta City could quickly became a “habit,” where
people meet for personal experiences.
Apart from the new brand and logo, Araneta City also unveiled its first mobile application which will bring users closer to the services
the hub offers.
The mobile app, which is now available for download for Android and iPhone users, lists all Araneta City merchants, shops, clinics,
restaurants as well as offices, its locations, descriptions and contact information, and more.
Inquirer.net, 9/24/2019