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. This will be done through payment or transaction accounts using digital services.
Relatedly, the BSP has issued the Open Finance Framework, which will provide financial institutions and third parties with “permission-based” access to customer information. This is seen to aid in the development of innovative financial products and services suited to the changing needs of Filipino consumers.