The increased use of digital financial services during the pandemic provides an opportunity for the BSP to advance initiatives aimed at accelerating digitalization in the financial industry. During the community quarantine period, there was sustained momentum in the volume and value of electronic fund transfers via PESONet and Instapay.
A total of 13.7 million transfers worth Php 325 billion of combined PESONet and InstaPay transactions were recorded for the first 45 days under ECQ. These numbers represent a substantial upswing by 18 percent in volume and by 25 percent in value compared with the same time span before the ECQ.