These structural problems were the breeding ground for the sovereign debt crisis. The actual weak link at the launch of our monetary union, however, was the combination of a single monetary policy and a decentralised fiscal policy. Monetary policy, as you know, is set at the European level – by the European Central Bank.
From only person-to-person or P2P when it was launched in November 2019, QR Ph will soon include person-to-merchant or P2M payments. This initiative is expected to benefit not only large business organizations but also the small unbanked vendors such as peddlers, sari-sari store owners, and other entrepreneurs. This is because accepting payments via QR is simple and affordable.