Cash-lite impact on GDP
Manila Bulletin|March 14, 2021
Shifting to an all-digital payments system or e-payments will undoubtedly benefit the economy.
Cash-lite impact on GDP

It will be a safer mode of exchange, it’s less physical handling of cash, and it entails lower transaction costs.

The Bangko Sentral ng Pilipinas (BSP) conducted several studies of different countries transition to a cash-lite economy and it’s evidence-based to say that such a transition creates many beneficial impact. These include increased economic activities through faster and more efficient payment systems, expansion of the market by including the unbanked and the underserved and enhancing risk management with improved transparency and audit trails.

“We envision the country transitioning from a cash-heavy to cash-lite and, eventually, to a coinless and cashless society,” said BSP Governor Benjamin E. Diokno. He’s confident this will happen—a cash lite world for the Philippines—by end2022 at the soonest time possible against the target of 2023. By 2025, the public will no longer use coins, said Diokno.

Going cash-lite and eventually cashless will translate to higher GDP (gross domestic product) output. Pre-pandemic, the country was highly dependent on cash and cheques. Based on a 2015 BTCA report, about 2.5 billion payments worth $74 billion are in digital form translating to one percent and eight percent in volume and value of all retail payments.

The BSP has recently reorganized its currency management sector into a payments and currency management sector (PCMS) for an efficient payments and cash ecosystem. The PCMS, which aims to ensure the safety, efficiency, and reliability of payments system here, will accelerate economic expansion.

هذه القصة مأخوذة من طبعة March 14, 2021 من Manila Bulletin.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة March 14, 2021 من Manila Bulletin.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من MANILA BULLETIN مشاهدة الكل
Taking care of older persons is the collective concern of the citizenry
Manila Bulletin

Taking care of older persons is the collective concern of the citizenry

The International Day of Older Persons is observed on Oct. 1 each year.

time-read
2 mins  |
October 1, 2021
Promoting safe driving in the new normal
Manila Bulletin

Promoting safe driving in the new normal

Ford Driving Skills for Life

time-read
2 mins  |
October 1, 2021
ON MANNY PACQUIAO - You're the greatest – Roach
Manila Bulletin

ON MANNY PACQUIAO - You're the greatest – Roach

From one legend to another.

time-read
2 mins  |
October 1, 2021
NAT'L BASKETBALL ASSOCIATION - PAY CUTS FOR NO VAX PLAYERS
Manila Bulletin

NAT'L BASKETBALL ASSOCIATION - PAY CUTS FOR NO VAX PLAYERS

NBA poises crackdown on those who refuse to get vaccinated

time-read
1 min  |
October 1, 2021
Duterte renews commitment to infra dev't
Manila Bulletin

Duterte renews commitment to infra dev't

With only months left in his term, President Duterte reassured the public that his administration remains committed to its promise of infrastructure development aimed at making the Philippines a progressive nation.

time-read
2 mins  |
October 1, 2021
Sustain Our Teachers' Enthusiasm; Enable Young Learners To Hurdle The Learning Crisis
Manila Bulletin

Sustain Our Teachers' Enthusiasm; Enable Young Learners To Hurdle The Learning Crisis

For 10 years now, the period from Sept. 5 to Oct. 5 of every year has been observed as National Teachers Month (NTM), by virtue of President Benigno S. Aquino III’s Proclamation No. 242. The observance culminates on Oct. 5 that, by virtue of Republic Act 10743, is observed as World Teachers Day (WTD) and National Teachers Day (NTD) pursuant to a UNESCO mandate.

time-read
2 mins  |
September 30, 2021
Love knows no borders
Manila Bulletin

Love knows no borders

Pangasinense couple weds at checkpoint

time-read
3 mins  |
September 30, 2021
The Next Election Is No Waste Of Time
Manila Bulletin

The Next Election Is No Waste Of Time

An appeal to the young who can influence the outcome of the upcoming elections

time-read
4 mins  |
September 29, 2021
US Olympian Biles Says She Should've Quit Earlier
Manila Bulletin

US Olympian Biles Says She Should've Quit Earlier

Gymnastics

time-read
1 min  |
September 29, 2021
Drones And Jets: China Shows Off New Air Power
Manila Bulletin

Drones And Jets: China Shows Off New Air Power

ZHUHAI, China (AFP) — China on Tuesday showed off its increasingly sophisticated airpower including surveillance drones and jets able to jam hostile electronic equipment, with an eye on disputed territories from Taiwan to the South China Sea and rivalry with the United States.

time-read
1 min  |
September 29, 2021