They had established stronger internal checks over individual business lines to control activities that had the potential to lead to significant balance sheet growth or unexpected reductions in capital. The sophistication of their risk measurement processes had kept pace with increasing risk taking.
For its part, the BSP has introduced several initiatives to facilitate SMEs' adoption of digital payments and financial services. For instance, our QR-Ph system; QR P2M facility, which allows person-to-merchant payments; and, of course, our Paleng-QR Ph Plus, where payments to market vendors, bicycle drivers, and jeepney drivers could now be done through your cellphone.