Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla (above) said banking regulations are accompanied by initiatives that support the country’s shift from a cash-heavy to a cash-lite economy. During a recent conference by “The Asian Banker,” the Governor explained that the BSP is pursuing these initiatives under its Digital Payments Transformation Roadmap. The Roadmap aims to digitalize at least 50 percent of retail transactions volume, and onboard at least 70 percent of Filipino adults into the formal financial system by 2023. During the forum, the Governor also underscored that digitalization is crucial in promoting financial inclusion and economic growth.
Source: Bangko Sentral ng Pilipinas (BSP)