In this regard, and with an eye on slowing the depletion of external and fiscal buffers, there is need to enhance domestic resource mobilisation, by broadening the tax base and coverage, streamlining incentives and rationalisation of distortionary subsidies. The country needs to grow a vibrant middle-class; and have more tax-paying citizens by investing more on innovation, empowerment and home ownership.
Since the number of people who use their mobile phones [for digital payments] has increased significantly, that is why we are actually quite confident that we will be able to succeed if we can improve the physical infrastructure-maybe we can even bring it [the proportion of Filipino adults that are financially excluded] below 30 percent.