Aside from these broad-based pandemic policy responses, the BSP has also been seizing new opportunities and ramping up its digitalization efforts to support economic recovery. The pandemic has been the catalyst for the exponential rise in the use of electronic payment channels. With the precautionary health measures associated with the pandemic, digital channels for conducting financial services have become imperative.
3/5  BIS central bankers' speeches  Fortunately, the BSP has embraced digitalization even before the pandemic. But to further strengthen its digitalization efforts, the BSP launched the Digital Payments Transformation Roadmap 2020 – 2023 last October. This roadmap is in line with the BSP’s goal to shift from a cash-heavy to a cash-lite economy.