This was evident during the third week of April 2007 when global markets came under renewed pressure, albeit briefly, following the fourth increase in China’s banking sector cash reserve requirement this year. The People’s Bank of China increased the cash reserves requirement from 10,5 per cent to 11,0 per cent, in addition to three interest rates increases effected over the past year.
With the “New Economy”, the acceleration of payments digitalization is a must. Thus, complementary to the Sustainable Central Banking Program is the BSP’s Digital Payments Transformation Roadmap. Our goal is to convert at least 50 percent of the total retail transactions to digital form and onboard 70 percent of Filipino adults to the formal financial system through the ownership of a transaction account.