February 24, 2024

We are creating some awesome events for you. Kindly bear with us.

Technology Advancement to Boost the Philippines Digital Economy

The Bangko Sentral ng Pilipinas (BSP) strives to be at the forefront of wide measures aimed at making the Philippine economy stronger and more technologically advanced. The Bangko Sentral ng Pilipinas had claimed that digital banks, together with traditional banks, can help the country recover from the COVID-19 pandemic, as part of its quest for a “tech-savvy” economy. Digital banks are financial institutions that do not have physical locations and are aimed to make banking more accessible to the unbanked and underserved.

The BSP earlier approved a framework for digital banking in the country before it issued 6 digital banking licences. This is part of its efforts to make the Philippine economy stronger and more technologically advanced. A digital bank provides end-to-end financial goods and services via a digital platform and/or electronic channels, rather than through a physical branch, sub-branch, or branch-lite unit.

Technology aids exponential growth in output. In finance, it makes transactions easier and faster which speeds up income generation.

– BSP Governor Benjamin E. Diokno

By 2023, the BSP hopes to have digitalised 50% of payments and encouraged 70% of the population to open bank accounts, according to its Digital Payment Transformation Roadmap. “We expect the digital banks to help fuel recovery and long-term growth for the Philippines, alongside conventional banks,” the Governor said. “The Philippines does not simply aim to recover from the crisis. There is a whole-of-government effort toward a post-COVID Philippine economy that is better than ever. This means an economy that is stronger, more technologically advanced, more inclusive, and sustainable.”

OpenGov Asia reported, when the country implemented health and social-distancing protocols, the COVID-19 pandemic catalysed the shift in awareness and provided the necessary push for more consumers – individuals, businesses, and the government – to use digital payments.

Governor of the Bangko Sentral ng Pilipinas (BSP) is optimistic that a payment system based on the quick response (QR) code will help the central bank’s efforts to increase electronic payment transactions in the country despite the country’s poor internet connectivity. He stated during the virtual launch of the QR PH P2M programme that the QR PH for person-to-merchant (P2M) transactions uses QR codes.

Electronic payments, which got boosted since the government-imposed movement restrictions at the start of the pandemic, are expected to grow even more with the use of QR codes for payments. The governor expressed optimism about the future growth of digital financial transactions, citing the fact that more people now own smartphones and have access to the internet.

In addition, Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) spoke at the Chamber of Thrift Banks (CTB) virtual conference last month, emphasising the importance of banks’ contributions in improving public access to enhanced financial services and their collaboration in financial inclusion reforms.

The thrift banking sector, according to Diokno, can exploit the country’s solid macroeconomic fundamentals and current reforms to become more resilient post-pandemic. According to him, the central bank, for example, has published the Open Finance Framework, which encourages consent-driven data portability, interoperability, and collaborative partnerships between financial institutions and third-party providers.

“Through ‘permission-based access to customer financial information, financial institutions and third parties will gain access to financial information necessary to develop innovative products and services that are suited to the changing consumer needs,” he added.

the central bank will also establish policy on outsourcing and a regulatory sandbox, or “test and learn” framework, which will help smaller institutions, such as thrift banks, to digitalise more quickly. The BSP also stated that a course on digital transformation to assist thrift banks in preparing for a digital-ready culture and environment is also in the pipeline.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend