Our policy actions have provided a steady supply of liquidity that has allowed banks to continue lending and performing their role as fund intermediaries. Market interest rates have trended downward following the policy rate cuts by the BSP, as banks pass on lower lending rates to their borrowers. Inflation, meanwhile, continues to be subdued, and we continue to expect favorable inflation dynamics going forward.
At the end of 2018, active mobile money accounts were estimated at 13.1 million accounts. 8. In  collaboration with payment service providers, financial  technology companies (fintechs) have designed innovative products and services to promote digital savings, lending and investments to unbanked customers at affordable costs.