The banking system, as well as the thrift banks, is sound, stable, and supportive of both strong and inclusive economic growth. The BSP and the Philippines have made significant strides in achieving large use of digital payments in many transactions, what we call the Digital Payments Transformation Roadmap. We also remain steadfast in providing an enabling regulatory landscape.
To support the longer-term financing that is critical to economic activity, the Federal Reserve, in cooperation with the Department of the Treasury and using equity provided for that purpose under the CARES Act, announced a number of emergency lending facilities under section 13(3) of the Federal Reserve Act.