In this regard, the BSP is working closely with the national government to advance the structural reform agenda, including transforming the financial landscape so that it is future-ready through digitalization and environmentally sustainable practices. Digital payments transformation has been helping us cope with the mobility restrictions put in 2/4  BIS central bankers' speeches  place.
It is a good thing that the country had been gradually embracing financial technology even before the pandemic hit. The rapid acceleration of digital transformation was in fact catalyzed by the COVID-19 pandemic. In 2020, the volume of PESONet transfers surged to 15.3 million, up by 376 percent year-onyear.