Relative thereto, the two priority payment schemes launched under the National Retail Payment System (NRPS), PESONet and InstaPay, continue to show promising exponential growth in terms of volume and value, and have paved the way for Filipinos to have convenient and secure retail payment options for moving funds across participating financial institutions via electronic delivery channels.
For instance, do stock-market crashes or sudden and substantial currency depreciations constitute interruptions to normal functioning? What must be the depth of these adjustments in order to consider them deviations from normality? When does a “credit crunch” become disruptive? Unfortunately, neither economics nor experience gives an unequivocal answer to these questions. Still, any answer has necessarily policy implications.