The BSP is at the forefront of efforts to digitize the Philippine economy. Last October, we launched the Digital Payments Transformation Roadmap. This is in line with our goal to become a cash-lite economy. By 2023, we want to see half of financial transactions in the country done electronically.
We also expect a surge in the number of digital banks and in the use of electronic payment platforms, including the QR code system, over the near term. 2/5  BIS central bankers' speeches  Through financial digitalization, we expect a boost in economic growth and development as digitalization makes payments easier and quicker, and helps improve working capital efficiency.