Philippines may not reach digital payments goal, says governor
Rate cuts will have limited impact on growth, despite BSP having ample policy space, says Remolona
The Philippines may not reach its goal of converting 60–70% of payments to digital channels by 2028, the country’s central bank governor has said.
In an interview on February 20, Eli Remolona said it might take “a couple more years” for the country to meet the target, which was set out under an economic development plan unveiled by the government in 2022. “To be honest, it’s been slow,” the governor said of the transition to digital payments.
Remolona said the Central Bank of the Philippines (BSP)
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