Finally, lending conditions to the commercial property sector remain tight as banks are still reluctant to increase their exposure to that sector. The changes in funding structure of the banking system are also quite stark (Graph 1). Most notably, there has been a marked increase in the share of deposit funding.
Today, we are enhancing the agreement to include joint undertakings in payment innovation and formally commence the work on the possible linkage of our fast payment systems, between the Philippines’ InstaPay and Singapore’s PayNow. I’m confident, that this collaboration would further strengthen the ties between our two nations.