In fact, the level of interest rates was already low a decade ago, as the economy continued to deteriorate following the bursting of the asset price bubble, and weak balance sheets in both the corporate and financial sectors suggested that deep adjustments were inevitable.
Last November 8, we launched the Batch Electronic Fund Transfer (EFT) Credit system or PESONet. With PESONet, businesses, the government, and individuals will be able to conveniently initiate electronic fund transfers and recurring payments from the sender’s accounts maintained in any BSP supervised financial institution to corresponding recipient accounts in other institutions with full interoperability.