BSP likely to 'accomplish' digitalization goals by 2022: Diokno


Posted at Jun 01 2021 03:43 PM | Updated as of Jun 01 2021 03:50 PM

MANILA - The Bangko Sentral ng Pilipinas could achieve its digitalization goals before the end of 2022, BSP Governor Benjamin Diokno said Tuesday.

In a statement, Diokno "expressed confidence" that the central bank would hit its target of digitalizing at least 50 percent of financial transactions and 70 percent of Filipinos owning financial accounts as early as next year. 

“Before the end of 2022, we will accomplish those goals,” Diokno said during the Institute of International Finance Asia Pacific Summit.

Sustained growth in digital financial transactions, especially during the COVID-19 pandemic, will boost BSP's chances of reaching its goals, he said.

Diokno earlier said the country's digitalization efforts kept economic gears running last year despite obstructions caused by restrictions imposed to mitigate the spread of COVID-19. 

The use of InstaPay and PESONet for online fund transfers surged during the COVID-19 lockdowns as Filipinos shifted to digital platforms for their daily basic and financial needs. 

InstaPay and PESONet are part of BSP's National Retail Payment System (NRPS). 


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