We see this project as a model for large-scale replication and one that will encourage greater receptiveness to banking innovations. In February this year, the BSP issued Circular 1033 to streamline the licensing requirements of our supervised institutions intending to offer electronic payment and financial services (EFPS).
These initiatives, together with the passage of the National Payment Systems Act (NPSA, RA 11127) that grants the BSP with regulatory oversight over payment systems, will significantly advance our digitization agenda.