These reports, inter alia, suggested: (i) encouragement to private capital inflows; (ii) shift from debt creating to non-debt creating flows, (iii) a shift within the debt inflows from short-term to long-term debt, (iv) emphasized on monitoring of external commercial borrowings, and (v) gradual liberalisation of outflows. 2  Cardoso, E.A., and R. Dornbusch, (1989) “Foreign Capital Flows” in H. Chenery and Srinivasan T.N.
All these have resulted in greater convenience to the public who can now choose to bank anytime, anywhere. In the same vein, banks have also benefited from these technological advances, as efficiencies improve and operational costs are reduced. Indeed, the Philippine banking industry continues to undergo rapid and extensive transformation, due largely to improvements and innovations in communications and information technology.