But what does our vision look like beyond 2023? Of course, we have our twin goals: [First,] more and more retail payments will be digital; our target is 50 percent of retail transactions will be digital. Second, 70 percent of Filipinos have or use a transaction account.
Both conceptually and empirically, the measurement of these spillbacks is very challenging as they depend in part on the policy response of the countries affected. However, central banks can limit adverse monetary policy spillovers, notably through transparency and clear communication of their monetary policy decisions and intentions. The 2013 ‘taper tantrum’ episode exemplifies the potentially destabilising effects of policy communication mishaps.