Satellite internet to be deployed to two rural banks
Science and Technology

Satellite internet to be deployed to two rural banks

Aug 18, 2022, 9:27 AM
Dhana Garcia

Dhana Garcia

Writer

BSP, PhilSA, and DOST-ASTI recently kicked out satellite internet services for two rural banks to promote greater financial services in the rural areas.

The Bangko Sentral ng Pilipinas (BSP), Philippine Space Agency (PhilSA), and Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) are planning to pilot test satellite internet services to two rural banks as part of the government’s goal of enhancing access to financial services in remote areas.

As of now, there are 1,634 municipalities in the country, of which 33 percent or 533 of them still do not have any bank branches operating within their areas and thus are unable to make use of the digital financial services that these bank branches offer to customers or users.

With that, BSP, PhilSA, and DOST-ASTI recently kicked off the test deployment of satellite internet service provider iOne Resources Inc at the two rural banks which are Progressive Bank of Malvar and Rural Bank of Cuenca.

These two rural bans can be located as part of the “Geographically Isolated and Disadvantaged Areas” (GIDA) in Batangas City.In those areas, internet connectivity and signals remain a challenge to be overcome due to the limitations of the existing network and telecommunication facilities.

To address this challenge, these satellites will be key to changing the digital technology in rural areas.

“We believe in the capability of satellite technology to enhance connectivity in rural areas, thereby expanding the capacity of banks to provide digital financial services and promote greater financial inclusion in unserved and underserved areas,” said BSP Governor Felipe M. Medalla.

The BSP also expressed earlier its support to Executive Order No. 127 which was signed by former President Rodrigo Duterte last March2021 expanding access to satellite systems to boost internet access and connectivity, especially for those who are living in rural communities.

Tags: #BSP, #PhilSa, #DOST-ASTI, #satellite, #digitaltechnology, #ruralbanks, #Batangas


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