Tuesday, November 24, 2020
 

PH ATM network lags behind regional peers

 

Latest Stories

Release P83B, Senate prods DSWD

THE Senate on Monday pressed the Department of Social Welfare and Development (DSWD) to release undisbursed funds of over...

Price cap on Covid tests out soon

The Department of Trade and Industry (DTI) and the Department of Health (DoH) will issue a joint order listing...

AFP deploys medical team to Davao

THE Armed Forces of the Philippines on Monday sent off its medical contingent to augment the national government's efforts to stop the rise...

US turns over $18M defense equipment

THE United States on Monday donated $18 million worth of defense equipment, including precision guided munitions (PGMs), to the Philippine...

G20 dithers on poor countries debt time bomb

RIYADH: The G20 promised Sunday to tackle the explosive issue of developing-nation debt, but failed to stake out any...

AUTOMATED teller machine (ATM) density in the country is only half of that of its Southeast Asian peers, according to the Bankers Association of the Philippines (BAP). In a statement on Monday, the lead organization of universal and commercial banks in the Philippines estimated that only 21,000 ATMs service 58 million cardholders nationwide, equivalent to 20 ATMs per capita of 100,000 cardholders. Meanwhile, countries such as Thailand has 94, Singapore has 49, Malaysia has 45, and Indonesia has 40 ATMs per capita of 100,000 cardholders, respectively. According to the BAP, the moratorium on ATM transaction fees since 2013 has held back banks’ optimal performance in servicing and expanding their reach. “The number of cardholders has been increasing for the past six years. Banks need to keep up with the maintenance and innovation of ATMs, as well as expansion of ATM network to accommodate the surge of ATM usage,” BAP Managing Director Benjamin Castillo said. The BAP said the annual growth rate in ATM deployments averaged at 13 percent prior to 2013, but since then declined to 6.4 percent, while ATM transaction volume continued to increase from 2014 onward.



 
 

Weather

Today's Frontpage

TRY OUR DIGITAL EDITION
FREE FOR 30 DAYS

ALREADY A SUBSCRIBER?