We operate in a world of trade and transactions. Today, thanks to innovations in science and technology, the interchange of resources can be completed quicker and more efficiently through online payments.

But while many countries have embraced these advancements, 99% of payments in the Philippines remain cash-based while only 1% is paid through electronic systems.

According to a study done by Better Than Cash Alliance, the Philippine e-commerce industry makes up less than 1% of total commerce in the country. This is relatively low compared to our ASEAN neighbors who generate 4-5% in e-commerce transactions.

The potential for growth and development of industry as well as the opportunity to improve and bolster of our financial systems must not be put to waste. To drive the economy forward, it is imperative that we empower the market with updated and streamlined payment systems.

Thus, the National Payment Systems Act seeks to organize, manage, and regulate all matters affecting payment instructions in the country under the Bangko Sentral ng Pilipinas to promote effective interoperability among payment systems, incorporating digital transactions.

In order to ensure the security and efficiency of payments for the benefit of all stakeholders – consumers, businesses, and financial institutions alike, we must upgrade the management and regulation of our payment industry.

Now, more than ever, we are compelled to advance our systems along with our ASEAN neighbors.