The extent of opening is contingent upon progress in other sectors. Our policy framework encourages equity flows, especially direct investment flows. But debt flows are subject to restrictions, and these are reviewed and fine-tuned periodically. The exchange rate is largely market-determined and we intervene in the foreign exchange market in times of excessive volatility.
Disclosures regarding sustainable funds should be useful to the decision-making of participants. The objective of investor protection is paramount in this area. Meanwhile, digital transformation is essential in bringing the financial system closer to the people. Last year, the BSP issued the Digital Payments Transformation Roadmap for the period 2020 to 2023.