From 1 and 2 above, it is evident that the five banks accounted for a disproportionate component of the total exposure to capital market and oil and gas, thus reflecting heavy concentration to high risk areas relative to other banks in the industry. 4. The huge provisioning requirements have led to significant capital impairment.
Finally, we are pursuing digitization of the payment system as part of our firm commitment to the national strategy for financial inclusion. The BSP is actively working to make universally available to all a basic transaction account in a bank or regulated non-bank financial institution, to be able to send and receive payments via any electronic device.