Phl cash-lite goal edges closer

Commercial transactions moving through the digital highway is gaining more traction across the Philippines, latest data from the United Nations-based Better Than Cash Alliance (BTCA) show.

Citing the study, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the Philippines has posted significant improvements in the volume and value of digital transactions.

“We are set to take digital payments to greater heights. We now have indisputable mandate to oversee payment systems with the enactment of the National Payment Systems Act and the amendment of the Bangko Sentral charter,” Diokno said.

“In 2013, we only had 1 percent e-payments usage; in 2018, we had 10 percent. In terms of e-payments value, in 2013, it was only 8 percent; in 2018, 20 percent. As you can see, both usage and value have increased, indicating that it is not only being used more frequently, but also that it is trusted with bigger values,” he added.

According to him, this development affirms the progress made in channeling the country’s cash-heavy usage to a cash-lite one.

“This positive development affirms that significant progress towards the shift from cash-heavy to a cash-lite economy is attainable,” the BSP chief said.

“Through the help of our industry partners, especially the digital payments leaders, we hope not only to achieve our goal of a cash-lite economy sooner than later. And ultimately enable and empower more Filipinos to reap the benefits of a growing economy through digital payments,” Diokno added.

The central bank boss acknowledged that while there may be challenges in its implementation, the collective effort of all stakeholders will overcome every possible hurdle.