BSP complements bank regulation with digitalization initiatives

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.