Good afternoon everyone. Today, we had the first Digital Payments Leaders’ Summit where key leaders from the government and private sector, renewed their commitment to accelerate electronic payment adoption in the country.
This Summit comes alongside with the study by the United Nations-based Better than Cash Alliance (BTCA) that provides that the Philippines has made great strides in driving up e-payments usage.
In 2013, we only had 1% e-payments usage; in 2018, we had 10%. In terms of e-payments value, in 2013, it was only 8%; in 2018, 20%. As you can see, both usage and value have increased, indicating that it is not only being used more frequently, but also that it is trusted with bigger values.
Notably, the study also revealed that women in the country are ahead of the men in adopting digital payment solutions.
This positive development affirms that significant progress towards the shift from cash-heavy to a cash-lite economy is attainable.
Note that, we also recently launched the EGov Pay and the pilot of P2P payments using the QR Ph. These initiatives emanate from the recognition of digital payments as the gateway to financial inclusion.
Through the help of our industry partners, especially the digital payments leaders, we hope not only to achieve our goal of a cash-lite economy sooner than later. And ultimately enable and empower more Filipinos to reap the benefits of a growing economy through digital payments.
Thank you and we are now ready to take your questions.