Moving on… Another way we are seizing opportunities from this crisis is by further promoting financial digitalization. It is one of the fastest ways to increase access to financial services, particularly in remote areas where banks do not have branches. Digitalization also enables quicker capital turnaround, thereby accelerating income growth. The BSP has been a firm supporter of financial digitalization.
And with the crisis-induced lockdowns having boosted the use of digital banking, we are seeing more industry players being up to the task. My twin goals is that by end June 2023, first, 50 percent of all financial transactions in the Philippines will be done electronically and second, that 70 percent of all Filipino adults will have bank accounts.