Philippine Retailing 2019 Philippine Retailing 2019 Q4_Digital - Page 8

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