inclusion. financial transactions done via the digital platforms instapay and pesonet jumped 155. 4 percent and 22. 0 percent year - on - year, respectively, in may 2021 vs. may 2020. also, more than 8 million electronic money accounts were created since last year. we expect further growth in electronic money accounts, especially with the bsp ’ s recent approval of three license applications of three digital banks, namely overseas filipino bank, tonik bank, and uno bank. the recently issued open finance framework will also help accelerate digitalization and inclusion. under this framework, consent - driven data portability, interoperability, and collaborative partnerships between financial institutions and fintech players are promoted. consumers will have the power to grant access to their financial data that will shape a customer - centric product development objective. the framework covers different financial institutions and a broader array of financial products such as, but not limited to, banking products and services, investments, pensions, and insurance. we have also launched programs that will allow more extensive use of qr codes for payments. soon we will see qr codes being used for various retail payments. 4 / 7 bis central bankers'speeches given all our efforts toward digitalization, we envision a philippines where everyone is empowered with financial accounts and will be able to make us of a wide range of financial transactions through digital means. sustainability the philippines recently submitted its “ nationally determined contributions ” to the un framework convention on climate change. under its commitment, the philippines aims to reduce its projected carbon emissions by 75 percent by 2030. the bsp is one with the entire philippine nation in stepping up efforts toward sustainable economic development. our work on sustainability falls on various areas : first, capacity building. the bsp has joined global and regional networks that aim to promote sustainable finance for capacity - building purposes. such networks include sustainable banking network ( sbn ) and the network for greening the financial system ( ngfs ), association of southeast asian nations ( asean ), executives'meeting of east asia and pacific central banks ( emeap ), and the alliance for financial inclusion – inclusive green finance ( afi - igf ). ] second, enabling regulations. in april last year, the bsp issued the sustainable finance framework ( circular no. 1085 ), which forms the first phase of our enabling regulations on sustainability. the framework sets out broad supervisory expectations on the integration of sustainability principles in the corporate and risk governance systems, as well as in

and wisely to aptly respond to the crisis. on the monetary front, manageable inflation allowed the bsp to cut the overnight borrowing rate by 200 basis points from 4. 0 percent to a record low of 2. 0 percent. the bsp also cut the reserve requirement further to 12 percent from 14 percent, thus freeing up more funds for lending to businesses and households. on top of these conventional monetary actions, the bsp implemented unprecedented measures to squarely respond to the crisis. 2 / 7 bis central bankers'speeches we granted provisional advances worth php540 billion ( us $ 11. 2 billion ) to the national government to augment its resources for covid response. the bsp ’ s charter allows us to extend lifeline support to the government in times of crisis, with proper safeguards. this facility, which allows short - term financing, does not serve as a long - term source of funds for the government because they are temporary, time - bound, and capped. the bsp has also purchased government securities in the secondary market to lift market confidence. however, this activity has been scaled down, as the economy recovers. in sum, the bsp has so far injected php2. 2 trillion ( us $ 45 billion ) into the financial system, equivalent to about 12 percent of gdp ( as of june 10, 2021 ). domestic liquidity has remained ample through the liquidity - easing measures of the bsp. preliminary data show that domestic liquidity expanded by 4. 7 percent year - on - year to about ₱14. 3 trillion in may 2021. bank lending growth, however, remains tepid. preliminary data show that outstanding loans of universal and commercial banks fell by 4. 0 percent in may following a 5. 0 - percent decline in april. the bsp also implemented various time - bound regulatory relief measures so banks and their customers can manage the impact of the crisis on their balance sheets and finances, and so there is more room for lending. among these are grace periods for loan payments, capping of interest rates on credit card usage, staggered booking of loan losses, counting of loans to micro, small, and medium enterprises ( msmes ) as compliance to the reserve requirement, increase in the single borrower ’ s limit, and higher limit on real - estate loans. meantime, on top of the time - bound regulations to help manage the impact of the pandemic, the bsp also continues the task of enhancing the regulatory environment for