MANILA – Internet speeds in the country remain a “formidable challenge” in the central bank’s push towards the next level of its digital agenda, according to its top official.
In a recent speech, Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno cited the need to improve connectivity speeds.
“In the Philippines, which is composed of over 7,000 islands, access to affordable, reliable and fast internet and mobile data remains a formidable challenge,” Diokno said in a speech.
“Thus, the BSP has to work hand-in-hand with other government agencies and contribute to national programs to push the digital agenda forward,” he added.
Earlier this year, the central bank said it has streamlined the licensing requirements for electronic payment and financial services in the country.
Former BSP governor Nestor Espenilla Jr., who passed away in February after battling with tongue cancer, earlier announced that the BSP would promote financial inclusion under his term.
The central bank seeks to increase the percentage of digital payments to 20% of the total transactions in the country by 2020.
“For fintech developments to further thrive and flourish in the digital economy, there are foundational infrastructure requirements that go beyond the realm of financial supervisors,” said Diokno.
“The BSP foresees that the digital future will continue to disrupt traditional boundaries, introduce exciting opportunities as well as a host of emerging threats and risks,” he added. (GMA News)
