2/3  BIS central bankers' speeches  We expect these newly licensed digital banks to bring banking in the Philippines to new heights. The BSP has launched last month the “QRPh P2M (person-to-merchant),” that will promote extensive use of QR codes, enabling payments to vendors and public transport. Other initiatives in the pipeline will make electronic bills payment more convenient.
Conclusion  Ladies and gentlemen Addressing the broader context of global developments which have contributed to the financial crisis and in particular the role which global imbalances have played, you have dealt with an interesting but also very complex issue at this conference.