THE Bangko Sentral ng Pilipinas (BSP) urged the public to send financial gifts or aguinaldo digitally as this would promote the “efficient” flow of funds in the economy.
In an advisory on Monday, Dec. 19, the BSP said financial gifts can be sent through interbank fund transfers using InstaPay and PESONet, through electronic money issuers or e-wallets, or the QR PH.
The central bank launched InstaPay in April 2018, an electronic fund transfer (EFT) payment system that enables individuals to wire funds across banks in real time.
Meanwhile, PESONet was launched in 2017, enabling the government, businesses, and individuals to initiate EFTs and recurring payments in financial institutions supervised by the BSP within the same banking day.
“We encourage our countrymen to take advantage of the ease and safety provided by digital finance in sending their cash gifts during the holidays,” the advisory read.
“The giving of e-aguinaldo supports the BSP’s broader thrust to foster the wider adoption of digital payments, which promotes financial and the efficient flow of funds in the economy,” it added.
In 2020, former BSP governor and now Finance secretary Benjamin Diokno set a target to have at least half of all Philippine transactions done digitally by 2023.
Current BSP Governor Felipe Medalla has stuck to this goal, but a survey conducted by the central bank showed that only a fourth of Philippine banks are on schedule with their digitalization efforts. (GMA Integrated News)
