At the same time, other sources of external finance – the net issuance of debt securities and shares by non-financial corporations – have benefited from more favourable capital market conditions, improving corporate profits and increasing retained earnings. The easing is especially felt by small and medium-sized companies (SMEs), which are heavily reliant on bank credit.
Despite the challenges from the pandemic, we, at the BSP, remain committed to closely collaborate with the various stakeholders in the payments industry, as well as in the public and private sectors to deliver safe, convenient and responsive digital payment services that help our fellow countrymen thrive in the New Economy.