Through PCMS, we now have a better understanding of how payments and currency management interplays with digital payments and demand for physical cash, and their various implications on monetary policy and other core functions of the BSP.
For instance, [in] the last two or three meetings, I pointed out that actual demand for base money-cash in circulation that is not deposited with us-has been consistently below the lower end of our projection. What is clear from my point of view, although this still has to be verified, is that it is digital progress that explains that divergence.