Philippines to be “Coinless Society” by 2025, Says BSP Governor

The Philippines is expected to be a ‘coinless society’ by 2025, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said in an interview that was aired online by the local news firm BusinessWorld on Wednesday, January 13, 2021.

“You know, before the pandemic, my vision is that we will shift from cash-heavy society to a cash-light society,” said BSP Governor Diokno. According to him part of his vision is that by the end of his term in 2023, fifty percent (50%) of all transactions should be in digital form. And that seventy percent (70%) of all Filipino adults, on the other hand, should have a bank account.

“I think the pandemic has actually accelerated that vision, so we’ll accomplish all these objectives much sooner rather than later,” he added.

“Talking of cashless society, maybe not within my lifetime but I can assure you maybe a coinless society by 2025 for sure, because that will be replaced by the QR Code PH which we are pushing to get our national ID.”

– BSP Governor Benjamin Diokno via BusinessWorld

The National QR Code Standard or the QR PH which has been mention by BSP Governor Diokno has been launched by the Bangko Sentral ng Pilipinas in November 2019.

According to the Philippine News Agency, a newswire service of the Philippine government under the Presidential Communications Office (PCO), the aim of the QR PH is to push for a QR code standard for all digital transactions nationwide that will be adopted by all financial technology firms and banks.

BSP Governor Diokno also expressed that he is optimistic that the future will be digitalized. As he said, “digitalization will be one of the major beneficiaries of this pandemic.”

Malacañang Welcome Statement of BSP Governor Diokno

In a virtual press briefing that went live today (Thursday), January 14, 2020, Presidential Spokesperson Harry Roque was asked for Malacañang’s reaction with regards to what BSP Governor Diokno said about the country going coinless by 2025.

According to Spokesperson Roque, answering the question, Malacañang welcomes the possibility of the Philippines turning into a ‘coinless society’. “We welcome this po ‘no, dahil ang isang karanasan natin sa COVID-19 ay kinakailangang maging cashless society na nga po tayo,” said Roque.

The Spokesperson even further backed the plan for the adoption of digital payments, using Baguio City as an example.

“Nagsimula na po iyan doon sa aming siyudad ng Baguio, napakadami na pong gumagamit ng cashless transactions at alam naman natin iyong paghawak ng pera, isa po iyan napatunayan ng pamamaraan kung paano kumakalat ang COVID-19,” said the Presidential Spokesperson.

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Source: Philippine News Agency (PNA)| A Newswire Service of the Philippine Government, BusinessWorldTV| YouTube, Presidential Communications Operations Office (PCOO), Bangko Sentral ng Pilipinas (BSP)