In an interview withCNN'sRichard Quest,Bangko Sentral ng PilipinasGovernor Benjamin E. Diokno highlighted the vision for the Philippines to shift from a cash-heavy to a cash-light society, where at least half of financial transactions are done digitally and where the presence of digital financial services increases the number of Filipinos with financial accounts to at least 70%, by the end of his term in 2023.

Financial digitalization is seen to help drive economic growth and enhance financial inclusion in the country.

The Governor also discussed that the BSP has formed a technical working group to conduct an exploratory study on central bank digital currency (CBDC) and to come up with recommendations on how the BSP would proceed in this area.

preference: https://youtu.be/db_EUpblj9w

Create a reaction paper to discuss on how this will affect BSP, the public and the Philippine economy.