At the same time, we are working with other government agencies and Congress to establish a biometric national ID system. These two — universal transaction accounts and a digital ID system – are key foundations of a robust and inclusive digital financial system.
We are one step closer to achieving the vision of a cash-lite economy with the recent launch of the Philippine Electronic Fund Transfer (EFT) System and Operations network, also called “PESONet” last November 8, 2017. This is the first Automated Clearing House (ACH) under the National Retail Payment System (NRPS).