The bulk of the reserve accumulation was concentrated in Asia with countries like China, Korea, India, Malaysia and Taiwan (China) witnessing large increases, while countries in Latin America and Central Europe had a fairly modest increase in reserves during this period. Lately, many oil-exporting countries have also seen a large increase in their reserves.
With the enabling regulatory environment complemented by the pandemic that forced people to adopt modern payment systems, we are confident that we can achieve our twin targets by 2023. To further support our digitalization initiatives, the BSP has issued licenses to six digital banks. On sustainable finance, the BSP is at the forefront of promoting sustainability principles in the financial sector.