In general, short-term and long-term market rates and bank lending rates need not move in parallel when monetary conditions change, differing only by constant risk premia and intermediation costs, but they may vary over time in response not only to transitory shocks but also to other factors, including changes in liquidity conditions.
Last year, the BSP issued the Digital Payments Transformation Roadmap for the period 2020 to 2023. The aim is to move toward a cash-lite economy, in which at least 50 percent of the total volume of retail payments is in digital form. The Roadmap likewise involves the onboarding to the formal financial system of at least 70 percent of Filipino adults.