In his speech during the BSP 30th anniversary reception for the Banking community Friday night, Remolona said the payment system is one of the challenges the country is facing, aside from the elevated inflation rate. READ MORE:
In his speech during the BSP 30th anniversary reception for the Banking community Friday night, Remolona said the payment system is one of the challenges the country is facing, aside from the elevated inflation rate.
“At last count, 42 percent of retail payments were in digital form. This is up from just one percent ten years ago. That proportion should hit our target of 50 percent this year,” he said.Over time, he expects competition and network effects to result in a system where the most innovative, efficient and responsible providers truly respond to the needs of customers.
The COVID-19 pandemic, coupled with fast-paced developments in the digital financial landscape, have brought to fore a need for a recalibrated financial inclusion strategy. Other underserved and unserved segments include senior citizens, migrant workers and their families, persons with disabilities, indigenous peoples, forcibly displaced persons, those who are excluded due to their religious beliefs, and other marginalized segments.
Disaggregation of account ownership data by type of account in 2019, however, showed that for bank accounts, men have a higher ownership level compared to women .
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