Starting from the Real Time Gross Settlement System (RTGS), the National Electronic Funds Transfer (NEFT) system, the Pre and Post Paid Instruments, the card present and absent transactions, the different types of e-wallets and to the mobile banking products, we have been experiencing a payment revolution in our country. 20. The next biggest contributor to this is going to be the payment banks.
I am pleased to report therefore that we continue to register solid gains in providing a stable environment for our economy to grow and for our people to benefit from opportunities that development brings. Among others, Philippine inflation in May was 1.6%, our lowest in 20 years. At this rate, we are able to preserve and protect the purchasing power of our people.