#GSafeTayo: GCash to roll out ‘double authentication’ to arrest unauthorized transactions

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Signs agreement with PNP-ACG to strengthen fight vs cybercrimes

GCash is set to roll out a new security feature that aims to prevent unauthorized transactions brought about by phishing and other types of scams.

GCash and PNP ACG strengthens collaboration through a revitalized security campaign, #SafewithGCash that aims  to mitigate scam incidents by employing a combination of user education and continuously upgrading its internal security platform to serve its 71 M users.

From L-R: GCash Head of Enterprise Risk Management Bea De Ocampo, GCash Chief Legal Officer, Atty. Maricor Alvarez-Adriano, GCash Chief Customer Officer Winsley Royce Bangit, PBGEN Joel Doria, Director PNP ACG; Police Colonel Bernard Yang

With #GSafeTayo the Philippines’ number one financial app introduced the “double authentication” feature which can ensure that only the account owner has the ability to link his GCash account to a specific device.

“This feature removes customers’ dependence on SMS OTPs which has been exploited by some fraudsters to scam users. It will provide a unique identifier that can’t be phished by scammers. It also provides an additional layer of security to the current SMS OTP,” said Winsley Bangit, Chief Customer Officer of GCash. “We never stop innovating to make sure our 71 million users have the safest and most convenient experience when they use the app.”

GCash has also introduced a new product under its GInsure platform, "Online Shopping Protect". For just P34 per month, get up to Php20,000 in insurance coverage for incomplete deliveries, defective items, accidentally-damaged, or stolen products.

The new offering, which will launch soon on GInsure, is powered by global insurance company, Chubb.

Aside from continuing to beef up its security measures, GCash has also been ramping up its partnership with authorities and regulators to help ensure the whole e-wallet ecosystem is safe for all.

During the #GSafeTayo media launch, GCash also signed a memorandum of agreement with the Philippine National Police Anti-Cybercrime Group (PNP-ACG) to strengthen collaboration in going after perpetrators involved in phishing, smishing, online fraud, e-scams, vishing, and other cybercrimes that take advantage of GCash users.

“I would like to express my confidence that through our stronger partnership with the PNP-ACG, we will be able to achieve more in the prevention, investigation, and prosecution of cybercrimes. GCash also assures the PNP-ACG that we will do whatever we can in order to successfully implement our agreement,” said GCash Chief Legal Officer Atty. Maricor Alvarez-Adriano.

Through its intensified security campaign under #GSafeTayo, GCash has also been constantly reminding its users to never share their MPIN or OTP, as well as to never click links outside of the GCash app, especially from websites or senders which you have not verified to be legitimate.

In fact, GCash has already removed all clickable links in its official SMS and emails to users to help them determine that when they receive messages with links, then these are scams.

The e-wallet has also migrated transaction notification messages to the in-app inbox and masked the names of send money recipients to further protect the users’ funds and personal data.

Through its revitalized security campaign, GCash is aiming to mitigate scam incidents by employing a combination of user education, increased cooperation with law enforcement agencies, as well as continuously upgrading its internal security platform.

Jesus Reigns Celebration All Set on Nov. 30

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Come and celebrate the biggest Christian worship festival in the Philippines this November 30, 2022 as Jesus Reigns Philippines Celebration gathers all Christian believers in all 82 provinces across the Philippines.

This is an annual festival held to honor Jesus Christ alone and to proclaim that HE REIGNS over our beloved Philippines and all nations. In this celebration, JESUS is the center highlight. No church names, no personalities are acknowledged except JESUS alone. 

After two years of virtual celebration due to the pandemic, Jesus Reigns as a movement is now ready to go out on the streets and worship as a united Body of Christ. On its 11th year, over a million people all across the Philippines will come and declare that JESUS REIGNS over every home, city, province and the whole Philippines.

One Voice. One Lord. One Nation. 2022 is the Year of No Compromise.

We are taking it from 2 Kings 18: 5-7 which states: “Hezekiah trusted in the LORD, the God of Israel. There was no one like him among all the kings of Judah, either before or after his time. He remained faithful to the LORD in everything, and he carefully obeyed all the commands the LORD had given Moses. So the LORD was with him, and Hezekiah was successful in everything he did.”

We believe if we publicly come together as a nation and declare that Jesus Reigns in our hearts and live it out without compromising, the Lord will bless and prosper our nation.

Join the celebration as NCR kicks it off at 6am with a grand parade in Greenhills, EDSA to People’s Power Monument with people marching, dancing, singing and making a joyful sound pronouncing that JESUS REIGNS. Then celebrate the festival at Amoranto Stadium at 3pm.

Be amazed by the creative movements of worship of art, dance and music. As a finale, a spectacular grand fireworks display and feasting from every city takes place.

Be a part of this celebration in your province. Visit websites for more information: https://jesusreigns.ph and https://www.facebook.com/jrpcncr/

Could blockchain-based insurance solve agricultural pains in the Philippines?

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The Philippines is one of the most typhoon-prone countries in the world, dealing with an average of 20 occurrences per year. According to the Philippine Climate Change and Food Security Analysis (CCFSA) study commissioned by the World Food Programme, typhoons and other extreme weather events have cost the country approximately Php 290 million in agricultural damages in the last decade. The recent typhoon Paeng alone caused Php 3.16 billion in damages to the sector.

Agriculture is a major industry in the Philippine economy, representing about ten percent of its gross domestic product. At the groundwork of the industry are small-scale farmers, usually holding less than three hectares of farmland, leading agricultural production. Despite being the major contributors to the industry, most of these farmers live in poverty. The Philippine Statistics Authority (PSA) states that most rice farmers got a net return per hectare of Php 16,832 in 2020, which is a little more than 20% of the average Php 70,000 per hectare capital required for rice farming.

With limited financial means, farmers heavily rely on loans to raise capital for their work. This situation makes them vulnerable when they lose income when crops are destroyed by floods and droughts. With their initial mortgage unpaid, farmers often raise capital through fresh loans, exposing them to a high risk of debt accumulation.

“Farmer productivity has declined over the years due to insufficient support. Often, families of farmers decide to sell land for more immediate income amid pressing needs and what would have been the next generation of farmers are seen to pursue better-paying jobs,” shared Mario Berta, Country Manager for the Philippines at Igloo. “On top of these challenges, there are recurring natural disasters that significantly hurt the livelihoods of farmers. This calls for a strengthened initiative that will mitigate the impact of catastrophes.”

While extreme weather conditions may not be prevented, preparations can be made to ensure the fastest recovery for the agriculture sector. The provision of crop insurance can help and will enable farmers to begin farming anew after a calamity. However, the current process of insurance claims settlement takes a lot of time and requires tedious backend processing. In addition to this, agents have to brave the difficult journey of visiting farms in the wake of typhoons and manually assess the damage to the insured’s assets. This extended processing time adds to further loss of income for the farmers.

“Crop insurance needs to be automated so the farmers can receive their payouts sooner and get back on their feet quicker,” said Berta.

Igloo is a regional insurtech firm with a mission to make insurance accessible and affordable for all through technology. It facilitates digital insurance underwritten by partner insurance companies and offered in partner distribution channels such as e-commerce platforms and mobile wallets. Recently, Igloo introduced Weather Index Insurance, its first blockchain-based parametric insurance that automates claims through a smart contract on the blockchain.

Weather Index Insurance is an innovative approach to insurance provision that pays out benefits on the basis of a rainfall level, the predetermined index, for loss of assets and investments resulting from weather and catastrophic events. The claim is automatically paid when the rain index hits the flood or drought threshold. This eliminates the need to individually verify claims thereby reducing transaction costs, and allowing for a quicker claims settlement process. The business rules governing claims payout being hosted on a public blockchain help leverage the attributes of transparency, consistency, and unbiasedness thereby making the setup credible.

“We believe that Weather Index Insurance is a potential product that will reduce the vulnerability of farmers to adverse weather conditions. The expected increase in the speed of claims processing will enable farmers to have a better chance of recovery from catastrophes and increase productivity and competitiveness,” added Berta.

However, he also recognized that there are enormous challenges needed to be addressed to make blockchain-based insurance palatable to farmers. These hurdles include the country’s low insurance penetration rate, financial inclusion, and access to digital services in rural areas, among others.

“When we bring Weather Index Insurance to the Philippines, Igloo will work with organizations such as rural banks, farmer’s cooperatives, and relevant government agencies to address these pain points and ensure that the insurance solution becomes a viable option that farmers can rely on for faster recovery,” said Berta.

“The unprecedented pace of climate change coupled with COVID-19 induced supply chain shocks have made it absolutely necessary to scale up agri-insurance solutions for the smallholder farming community. Igloo is trying to bring forth an integrated approach with the wider ecosystem to strengthen farm-level resilience by focusing on product and distribution innovation,” shared Raunak Mehta, Co-founder and CEO at Igloo.

The Weather Index Insurance is available in Vietnam but is set to roll out in more agriculture-driven SEA countries like the Philippines, Indonesia, and Thailand. Igloo is currently speaking to potential partners that can underwrite and distribute the product to underserved farmers in Luzon, Visayas, and Mindanao. Committed to delivering Insurance for All, Igloo welcomes more collaboration with the public and private sector to guarantee the highest level of national protection.

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About Igloo:

Igloo is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam and Malaysia and tech centres in India and China. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, optimise and enhance existing products and services. Igloo has partnered with over 55 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech and financial services.

For more information, please visit https://www.iglooinsure.com/.

Children and young people want a society that leaves no one behind

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World Children’s Day celebrates stories of vulnerable children

Landmarks around the Philippines turned blue last Sunday, November 20, today to celebrate World Children’s Day—a day by children, for children. The Rizal Monument, the SM MOA Globe, the Office of the Bangsamoro Chief Minister, the Provincial Capitol of Dinagat Island and major expressways under the Metro Pacific Tollways Corporation were awash in blue to impart an important message: that every child everywhere has a story to tell, regardless of their gender, race, status, and capabilities.

In September-October 2022, nearly half a million young people around the world who took part in a UNICEF U-Report poll said that discrimination is common in their environments such as school, community or workplace, and almost half of them felt that discrimination had impacted their lives or that of someone they know in a significant manner. In the Philippines, the most vulnerable children include children with disabilities, children who belong to indigenous groups, children living in poverty, and those in geographically isolated and disadvantaged areas.

To celebrate children and their voices, young people, and adults who support them came together in “Sigaw ng Kabataan, Walang Iwanan,” a World Children’s Day event that rallied the public to listen and amplify their views. This included a children’s event with SM Mall of Asia and a three-day Children’s Congress in cooperation with the Cotabato City Government.

“Regardless of age, gender, race, religion, disability, sexual orientation or other status, every child deserves to be included and celebrated, as well as protected against all forms of discrimination. Children must have a say in decisions that affect them. Listening to their voices is crucial for inclusive development,” UNICEF Philippines Representative Oyunsaikhan Dendevnorov said.

As a way to support children’s participation, UNICEF undertakes capacity building activities that enable children and youth groups to advocate for their own rights. For this year’s WCD celebrations, children from Southern Leyte, CARAGA, Cotabato and Valenzuela teamed up with creatives using dance, film and photography to allow others to view the world through their eyes.

Maya accelerates 'digi-palengke' thrust in Mindanao

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BSP-DILG’s Paleng-QR Ph launched in Davao City today

Maya, the country's only all-in-one money app, is transforming Davao City's biggest Bankerohan Public Market with the launch of the Paleng-QR PH initiative in Mindanao today.

Spearheading the "digi-palengke" program is Davao City Government with the support of the Bangko Sentral ng Pilipinas (BSP) and the Department of Interior and Local Government (DILG). Also supporting the launch are PLDT and Smart Communications.

BSP Governor Felipe Medalla and Davao City Mayor Sebastian Duterte led the ceremonies held today at the city's Bankerohan Public Market.

"By promoting the interoperable QR PH national standard codes, Paleng-QR PH creates a simple but more powerful digital finance experience at the local community level. At Maya, we fully support Davao City's vision to build a stronger digital ecosystem," said Orlando Vea, Maya CEO and Founder and Maya Bank Co-Founder.

“Basta QR PH, pwede kami sa Maya,” Vea added.

The Paleng-QR Ph program aims to digitalize transactions starting with public markets and local transportation. The program enables vendors and tricycle drivers to accept digital payments from customers regardless of their e-wallet or bank accounts via QR Ph, the national standard for QR payment. Maya's QR codes are QR Ph-compliant, and its app can scan any QR Ph-powered transaction.

Creating digi-palengkes is part of Maya’s own LGUs Embracing and Accelerating Digitalization (L.E.A.D). Through this program, Maya equips local governments like Davao City with business-in-a-box payment acceptance solutions and disbursement tools to enable faster public service delivery.

Maya is the first digital financial services platform to adopt QR Ph. More than 52 million users can enjoy a seamless experience using Maya's consumer platforms that can send and accept P2P payments from other QR Ph-participating financial institutions.

Meanwhile, non-Maya users can pay at over 800,000 QR Ph-enabled Maya merchants, which are present in 96% of the total cities and municipalities.

The BSP's OR Ph initiative is part of the overall financial services transformation roadmap of the Philippines. It aims to raise Filipinos' trust in digital financial services, as consumers and enterprises will get used to sending and receiving cashless payments for everyday transactions.

Maya's full support to QR PH is in line with the BSP's thrust to increase the share of Filipino adults with a financial account from 56% in 2021 to 70% in 2023 and grow the volume of digital payments from 20% in 2021 to 50% by next year.

"Digital payment is the entry point of Filipinos to the financial system. As they build their financial footprint, consumers and MSMEs can access more progressive digital banking services offered by Maya," said Vea.

Maya has made it easier for consumers to spend, save, get credit, and invest in crypto just by using its top-rated all-in-one money app. Its merchant partners, meanwhile, can open a business deposit account and access revolving credit lines leveraging their payment transactions.

To know more about Maya, visit maya.ph or follow @mayaiseverything on Facebook, IG, TikTok, and YouTube and @mayaofficialph on Twitter. Join the Maya Telegram community at https://t.me/TeamMayaPH