A PIDS study found that electronic money transfers have been increasing in the Philippines, but digital adoption rate, especially for mobile payments, is relatively low compared with other countries in the region. The adoption of digital mobile transactions has been slow due to the inefficient telecommunication services in the country, lack of awareness, and perceived security risk. The study recommends for the government, through the Bangko Sentral ng Pilipinas and in collaboration with the private sector, to intensify education and literary campaigns on digital finance and to continue supporting and testing business models by companies that introduce innovations in the digital financial market. It also underscores the urgent need to address infrastructure and interoperability issues.

Know more about the study titled “E-Finance in the Philippines: Status and Prospects for Digital Financial Inclusion” here: https://www.pids.gov.ph/publications/6722

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