BSP Enhances Digital Payment Infrastructure

The Bangko Sentral ng Pilipinas (BSP) is actively enhancing its digital payment infrastructure as part of its Digital Payments Transformation Roadmap. BSP Deputy Governor Mamerto Tangonan emphasized collaboration with industry partners to introduce digital payment tools tailored to the needs of businesses in the evolving digital economy. Upcoming initiatives include a request to pay facility, enabling efficient collections, and a direct debit facility for managing recurring payments.

Also, the central bank digital currency (CBDC) pilot, Project Agila, aims to improve BSP’s capacity for digital transactions and explore around-the-clock transaction capabilities. Tangonan highlighted the significance of these developments in bolstering Philippine e-commerce, exports, and international trade.

ASEAN’s regional payment connectivity initiative, which BSP is a part of, seeks to facilitate smoother cross-border transactions within the region. The BSP’s roadmap aims to transition 50% of retail transactions to electronic channels and increase Filipino adults with bank accounts to 70% by the end of the year.