The current monetary environment in some advanced economies also point to the vital importance, in view of the aforementioned risks, of carefully and skilfully communicating the monetary policy exit strategy.
About a decade ago, retail payments in the country was dominated by physical cash or checks. To encourage e-payments adoption, the BSP, together with PPMI, embarked on strategic initiatives in building a safe, efficient, reliable, and inclusive payment system. These joint projects were pursued as part of the National Retail Payment System Framework under which PESONet was established.