BSP “Confident” In Hitting Digitalization Targets Ahead Of 2023

The BSP was “confident” in hitting its digitalization targets ahead of 2023.

BSP — On Tuesday, the Bangko Sentral ng Pilipinas said that it was “confident” it can achieve its digitalization targets ahead of 2023.

Photo source: ABS-CBN News

Under the central bank’s Digital Payments Transformation Roadmap (DPTR), the BSP aimed to digitize at least 50% of retail payments volume and to encourage 70% of Filipino adults to open bank accounts by 2023.

During the recently concluded HSBC Digital Bankers Forum, BSP Governor Benjamin E. Diokno said that he’s confident that they’ll achieve the stronger post-pandemic economy that they envisioned sooner rather than later.

Diokno also said that they expected the phenomenal growth in digital financial transactions to continue in the years ahead as more Filipinos embraced the convenience of digital payments.

We are confident of hitting the twin goals…With financial digitalization, I am confident that we will achieve the stronger post-COVID economy that we envision sooner rather than later,” Diokno said. “As more Filipinos embrace the convenience of digital payments, we expect the phenomenal growth in digital financial transactions to continue in the years ahead.

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The central bank said the share of digital payments to the total financial transactions reached 20.1% in 2020 from 14% in 2019. BSP data showed that registered e-money accounts reached 138.8 million in 2020 with the total number of transactions at 1.7 billion.

In addition, the central bank said that the number of basic deposit accounts reached 7 million with PHP 4.8 billion deposits in the first quarter of 2021, which brought the total number of banked Filipino adults to 53% in the period.

A BSP report said at least 1 in 5 payments was already digital as of October this year.

Both PESONet and InstaPay transactions, or the electronic money transfers under the central bank’s National Retail Payment System, have surged in both volumes and values during the pandemic.

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