Going Digital But Not Fast Enough: BSP Says PH Digital Payments Growth Is Slower Than Expected — and Cyber Fraud Is Surging
More Filipinos are paying digitally, but the shift isn’t happening as fast as the government hoped. BSP Governor Eli Remolona Jr. admitted over the weekend that the country’s digital payments push will likely take ‘a couple more years than we thought’ to hit its targets.
Under the Philippine Development Plan, digital payments should account for 60 to 70 percent of retail transactions by 2028. As of the latest BSP data from 2023, digital payments hit 52.8 percent — up from 42.1 percent in 2022, and above the initial 50 percent target. So progress is being made, pero mabagal.
What’s really keeping Remolona up at night? Cyber fraud. The Philippines has one of the highest digital fraud rates globally, affecting 13.4 percent of transactions in 2024, with losses reaching ₱5.82 billion — up from ₱5.67 billion the year before. Phishing, smishing (SMS scams), and vishing (voice scams) remain the top threats.
The BSP is also monitoring its progress on anti-money laundering after the Philippines exited the Financial Action Task Force (FATF) grey list in February 2025. ‘We’re doing all we can,’ Remolona said regarding enforcement efforts.
The bottom line: digital is the future, but the road there is bumpy. Banks need to level up on cybersecurity, and consumers need to stay sharp against scammers. Mag-ingat sa mga suspicious links, mga kababayan!
Source: The Manila Times
