As of September 2018, there are 54 CSFs throughout the country with over 17,000 loan beneficiaries. In 2015, the BSP also launched the National Retail Payment System (NRPS, Circular 980). As part of this, PESONet and InstaPay were launched in 2017 and 2018 with the aim of boosting interoperability among banks and propelling electronic retail payments to at least 20% by 2020.
We believed that in order to share the same currency, co-ownership rules would be enough. But we needed a marriage contract! We might achieve this after another convergence process which would see the countries which use the euro harmonising according to best practice in every domain – I spoke of this in a speech I gave in Athens on 9 July last.