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I’m Elmer D. Borres | Message from Compliance Officer

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I’m Elmer D. Borres | Message from Compliance Officer

Hello, I’m Elmer D. Borres.  It’s a pleasure to meet you. I’m Compliance Officer and Audit Head of Mango Rimmitance.

Mango Remittance is currently in the process of completing the requirements for our application with Bangko Sentral ng Pilipinas on the registration as Money Servicing Business.

The Bangko Sentral ng Pilipinas (BSP) is the Philippine regulatory agency for the financial institutions.

BSP have recently implemented measures to promote remittance business.

BSP launched the interbank transfer through PESONet in 2017 and instaPay in 2018.

For instaPay, a client may transfer up to P50,000 and this will be credited in real-time to his / her beneficiary.

This service is available 24 hours a day, seven days a week.

For transfers with amounts more than P50,000 up to P200,000 may be made using PESONet PESONet transaction is credited the following day.

These platforms is part of BSP’s National Retail Payment System Framework aim to establish a safe, efficient, affordable, and reliable electronic retail payments system in the country.

Mango Remittance will integrate these platforms to our remittance system and mobile app to facilitate the domestic remittance transactions of our clients. BSP also issued a regulation in 2018 recognizing that Virtual Currency systems have the potential to revolutionize delivery of financial services, particularly for payments and remittance, in view of its ability to provide faster and more economical transfer of funds, both domestic and international.

Mango Remittance also plan to utilize Virtual Currency systems to provide fast and secure domestic and international remittance facilities.

As soon as we were granted license for Money Servicing Business, we will coordinate with concerned government and private agencies to maximize the potential of our remittance systems and mobile app.

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