Looking some important macro indicators to convergence, the economic stability has improved as regards to inflation. As an average in the new member countries, the harmonized index of inflation declined from close to 10 % in early 1997 to around 2 % in mid-2002, where it remained until early 2004.
Filipinos, especially the unbanked, will be able to easily obtain a valid government ID card, which they can use to apply for bank accounts and other financial services. The BSP is also actively exploring RegTech and SupTech solutions to enhance the timeliness and quality of our risk-based decision making.