The Bangko Sentral ng Pilipinas (BSP) on Monday urged the public to send financial gifts or aguinaldo digitally as this would promote the “efficient” flow of funds in the economy.
The Bangko Sentral ng Pilipinas on Monday 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, 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., an electronic fund transfer payment system that enables individuals to wire funds across banks in real time., 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.half of all Philippine transactionsCurrent BSP Governor Felipe Medalla has stuck to this goal, but a survey conducted by the central bank showed that only
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