Philippines’ Central Monetary Authority approves digital payment transformation plan””

Philippine government accelerates digital transformation journey during pandemic

The Central Monetary Authority, which specialises in formulating financial policies for the Philippine government, has recently approved the ‘digital payment transformation plan’ proposed by the Central Bank of the Philippines (BSP). This plan lasts for three years from 2020 to 2023, including BSP’s digital payment system policy and the future direction of national finance. 

The plan basically defines two key strategic goals for the future of the Philippine financial system. 

First, by converting the retail industry, which accounts for 50% of the country’s total payments, into digital payment channels, and enabling 70% of Filipino adults to join the digital financial system, thereby enhancing customers’ preference for digital payments. 

The second is to provide more innovative digital financial products and services. These products and services are intended to meet the daily needs of consumers. They are the digital ID cards of the Philippines and allow digital payment and settlement systems to provide certification to facilitate financial transactions and real-time processing. 

The chairman of the Philippine Currency Committee said that the strategic focus of promoting payment digitisation is also to promote financial inclusion, ensure the digitisation of payments and increase the number of people’s access to financial services. 

In fact, the central bank of Philippines also stated that during the pandemic the record-breaking growth in digital transactions indicates that consumers want to switch to more digital payments.

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