Abstract
Over the last decade, the Philippine government and private sector have spearheaded several cashless initiatives in part to address the structural deficiencies of the country’s economy, such as its poor financial inclusion levels and its heavy reliance on remittances. This paper will provide an assessment of the non-cash payment industry in the Philippines. It will argue that while structural challenges have spurred the country’s most cutting-edge cashless initiatives, they have simultaneously impeded the full integration of cashless transactions into Philippine society. The Philippines will only achieve its goal to transition to a “cash-lite” country if the central bank, Bangko Sentral ng Pilipinas (BSP), and the private sector are able to coordinate efforts to address the financial system’s limitations.
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