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Sunday, 22.05.2022
eGovernment Forschung seit 2001 | eGovernment Research since 2001

The Bangko Sentral ng Pilipinas (BSP) is urging foreign investors to take advantage of investment opportunities in the Philippines amid the country’s rapid digital transformation.

BSP Governor Benjamin Diokno said the introduction of new technology and knowledge transfer would boost the competitiveness of local banks and expand access to new markets through partnerships and tie-ups.

Diokno said the initiatives would enable financial consumers to gain from increased access, lower cost, better products and improved experience.

“As we build our digital finance ecosystem, we encourage foreign investors who may bring advanced technologies and technical expertise to take advantage of untapped potential in the financial services space and be our partners in achieving our economic growth and financial inclusion objectives,” Diokno said during the Philippine Economic Briefing for Foreign Chambers of Commerce.

By catering to the unserved and underserved, financial technology service providers may tap into a wide client base, diversify revenue sources, and secure new growth opportunities in the country, thereby improving efficiency in banking operations.

The central bank is committed to advocating digitalization reforms to boost the country’s competitiveness and achieve a future-ready financial landscape.

Under the Digital Payments Transformation Roadmap 2020-2023, the BSP aims to convert 50 percent of total retail payments into electronic channels and onboard 70 percent of Filipino adults to the formal financial system by 2023.

With the pandemic serving as catalyst, the share of digital payments to total financial transactions in terms of volume reached 20 percent in 2020 from only 14 percent in 2019.

This exceeded the 20 percent in 2020 from one percent in 2013 target under the National Retail Payment System (NRPS) launched in December 2015.

Diokno said technology speeds up financial transactions, thereby hastening capital recovery and income generation. It allows the underserved sectors, including low-income earners and people from remote areas, to easily access affordable financial products and services as well as credit for livelihood activities.

“As more Filipinos embrace the convenience of digital payments, we expect the phenomenal growth in digital financial transactions to continue in the years ahead,” Diokno said.

The BSP chief earlier said the share of Filipino adults with bank accounts soared to 53 percent in the first quarter of the year from 29 percent in 2019 as the central bank continued to ramp up its financial inclusion efforts.

“As of the first quarter of 2021, the proportion of banked Filipino adults has reached 53 percent, nearing the target of 70 percent. These include basic deposit and e-money accounts,” Diokno said in a separate speech.

Latest data from the central bank showed the number of basic deposit accounts reached seven million with P4.8 billion deposits in the first quarter, while registered electronic money accounts reached 138.8 million with a total number of transactions of 1.7 billion last year.


Autor(en)/Author(s): Lawrence Agcaoili

Quelle/Source: The Philippine Star, 29.12.2021

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