Yet increases in the volume and value of transactions are minimal. To drive up usage and make the system more efficient for consumers, the BSP is working with the industry to set up a National Retail Payment System. We envision a digital, interoperable infrastructure and ecosystem for low value, high volume payment transactions.
That episode of investor fright has largely dissipated. But left unanswered is the question of why such episodes erupt in the first place. It has become evident time and again that when events are unexpected, more complex, and move more rapidly than is the norm, human beings become less able to cope.