Bangko Sentral ng Pilipinas Governor Benjamin Diokno said a technologically-advanced economy is important to sustain the recovery from the onslaught of the COVID-19 pandemic.
Diokno said during the recent Standard Chartered Sovereign-Investor Forum that the BSP remained at the forefront of broad initiatives to foster a stronger and more tech-savvy economy.
“Technology aids exponential growth in output. In finance, it makes transactions easier and faster which speeds up income generation,” he said in a presentation.
A key BSP initiative is the implementation of the Digital Payment Transformation Roadmap, which was launched last year. The roadmap aims to transform the Philippines into a cash-lite economy by 2023 through digitalization of financial services.
Under the roadmap, the BSP aims to strengthen customer preference for digital payments by converting 50 percent of the total volume of retail payments into digital form and onboarding 70 percent of Filipino adults to the formal financial system through payment or transaction accounts by 2023.