Similar conclusions have been made by Crowe, C. W., D. Igan, G. Dell’Ariccia, and P. Rabanal (2011), “How to Deal with Real Estate Booms”, IMF Staff Discussion Note 11/02 and Cerutti, E., S. Claessens, and L. Laeven (2015), “The Use and Effectiveness of Macroprudential Policies: New Evidence”, IMF Working Paper 15/61.
And this is especially true for our payment systems. Even before the pandemic, the BSP has already formulated a roadmap to transform the country’s payments system into an efficient, inclusive, safe, and secure digital payment ecosystem that supports the diverse needs and capabilities of individuals and firms.