##en the use of digital payments in the country. fee waiver on pesonet transactions has since been extended by ppmi member institutions until end - september 2020 or until end - december 2020, depending on the participating institution. hence, the greater use of pesonet is evident with the remarkable rise in the volume and value of associated payments from july 2019 to july 2020. over this twelve - month period, pesonet payments more than doubled with volume surging by 122 percent year - on - year and value rising by 119 percent over the same period. aside from aiding businesses in mobilizing funds during the pandemic, pesonet was also employed for social transfers made through the social security system ’ s small business wage subsidy ( sbw s ) program. this shows the facility ’ s potential as a viable means for the efficient and speedy distribution of welfare benefits to indigent citizens. similarly, we have also observed the sustained adoption of instapay. year - on - year increase in transactions, from july 2019 to july 2020, exhibited a drastic upward trend in volume and value of transactions by 739 percent and 442 percent, respectively. in 2020 alone, the volume of instapay transactions have more than doubled, with an increase of 122 percent, from first to second quarter of 2020. the same behavior is observed in the value of transactions with an increase of 93 percent for the same period. as 31 august 2020, instapay has 47 participating institutions, 36 of which have sender / receiver functionality, while the remaining 11 are receivers only. egov pay transactions in november 2019, the ppmi with the guidance of the bangko sentral, launched the egov pay to serve as a payment solution for streamlining and digitization of government collections and disbursements. egov pay is envisioned to curb government revenue leaks through efficient collection means and enhanced transparency. in terms of disbursements, the facility can hasten prompt delivery of social services to concerned stakeholders. since its launch, egov pay transactions exhibited a 688 % rise in volume, from 162 to 1, 277 as of june 2020. likewise, the value grew by 799 %, from php 1. 429 million to php 12. 848 million over the same period. the gradual surge in egov pay transactions reflects the deepening public awareness of this digital facility as a safe and efficient means of payment for taxes, licenses, permits, and other obligations to

initiatives while the bsp has been trying to enhance banks ’ risk management practices, it is also simultaneously working on improving the risk - based capital adequacy framework as empowered under the gbl of 2000. we responded swiftly once the legal framework was put in place. in march 2001, the bsp adopted basel i - type framework through circular no. 280. this circular provided the guidelines for the computation of risk - based capital for credit risk. the bsp ’ s risk - based capital adequacy framework was further enhanced with the issuance of circular no. 360 in december 2002. circular no. 360 incorporated market risk into the framework. in 2005, the focus was on preparing the implementing regulations for the eventual implementation of basel ii in the philippines. at the time, preparatory works on basel ii implementation were already at an advanced stage globally. the discussions during international fora had already become complex and rather extended. for our part, the approach to implementation has been more calculated. certain elements of the basel ii approaches such as those pertaining to risk weights for corporates and npls, were gradually incorporated in existing regulations to pave the way for a smoother implementation of the whole new framework in 2007. meanwhile, in response to heightened appetite and growing exposure of banks to structured products and in preparation for the envisaged take - off of the domestic securitization market following the approval of the securitization act of 2004, the bsp pre - emptively issued in 2005 the risk - based capital treatment of banks ’ exposures to structured products and securitization structures. in support of major policy objectives of enhancing credit access and expediting the clean - up of bad assets from the system, the bsp likewise advanced lower credit risk weightings for high grade corporate debt exposures and micro and sme exposures, but also increased the risk weighting on non - performing loans. this year, the bsp has issued the much - awaited basel ii implementing guidelines for the philippines. the bsp ’ s task force on the implementation of basel ii has just concluded their series of briefings both within and outside of the bsp in preparation for the parallel run that will be conducted starting end this year until mid next year. unlike the existing bsp risk - based capital adequacy framework, the new basel ii - based framework does not only focus on the computation of the appropriate level of capital given a certain level of risk exposure, but it also highlights