KEEPING abreast with developments in the financial system, establishing best practices and risk management measures, and fostering reliable market infrastructure are keys to providing a safer, more efficient, and inclusive Philippine payments and settlements system, experts in a conference said.
The conference, organized by the BSP Payments and Settlements Office, highlighted the need for appropriate and innovative systems to process financial transactions efficiently while ensuring safety and integrity.
The BSP said it supports retail financial transactions as these promote cost benefits to businesses and consumers. “An efficient retail payment system has the potential to transform the economy through the efficiency it brings to business transactions and the savings generated from a shift from paper-based to digital instruments,” BSP Governor Nestor A. Espenilla Jr. said in his opening remarks. PR