To encourage BSFIs to offer safe, efficient, and reliable digital channels, the Monetary Board in April 2020 approved the waiving of fees related to the provision of electronic payment and financial services. As well as other initiatives to ensure continued access to financial services, including managing 4/7  BIS central bankers' speeches  risks related to the increase of digital financial services.
The BSP has implemented measures to ease operational requirements on banks to ensure continued delivery of financial services. With the combined extraordinary measures by the BSP and the national government, we are projecting a strong recovery in 2021 from the contraction this year. Let me cite some figures on our outlook.