by a digital philsys id and supported by a next - generation payment and settlement system that facilitates the real - time processing of financial transactions. the realization of these objectives depends mainly on three critical pillars. first of these pillars is the development of digital payment streams. second is the establishment of necessary digital finance structures that will facilitate interoperability in the digital payments ecosystem. the third critical pillar is the implementation of digital governance standards and regulation of digital products and services to safeguard the integrity and privacy of consumer data. we know that for digital payments to flourish in our society, we need to have reliable and stable internet connectivity. digital connectivity is a critical enabler and a necessity in the new economy. that is why the financial inclusion steering committee ( fisc ), of which the bsp is a member, endorsed the open access to data transmission bill as priority legislation to the legislativeexecutive development advisory council. the bill aims to address internet infrastructure gaps by bringing in more players to the broadband sector. in december 2020, the fisc also endorsed to the office of the president a proposed executive order that aims to liberalize access to satellite technology for broadband services and fast - track the expansion of internet infrastructure to improve connectivity in underserved communities and rural areas as well as accelerate financial inclusion. all these fit in nicely in our 2020 – 2023 strategy of bringing the bsp closer to the people — to become the central bank that understands their needs and helps them achieve their aspirations in life. and one of the ways we intend to do this is by advocating the digital transformation of financial services in the country. through digitalization, we help create opportunities for people to improve their lives and participate in the economic and financial system. through digital payments, we also promote financial inclusion. digital payments help consumers engage in easier and safer economic activities. on a wider scale, it also helps reduce poverty and hunger ; promote good health and well - being ; ensure quality education, decent work, and gender equality ; develop sustainable communities, and a lot more. 4 / 5 bis central bankers'speeches at the end of the day, it is not simply about what we innovate but why we do it and to whom we are doing it for. the current crisis has given us an opportunity to think out of the box and be bold, as we work to protect the interests of the people we serve. it showed us what to focus on, as a bsp closer to its people. isang bangko sentral

##y transactions is equivalent to about 2. 6 percent of gdp. from january to april 2020, new online sign - ups and app downloads for digital financial services increased by 100 percent, year - on - year. with filipinos more mindful about their health and safety amid the lockdown, there was also a significant decline in the value, o yung halaga, and volume of, o yung dami ng, check payments and atm withdrawals between the first half of march 2020 and from the second half of march to may 2020. likewise, coin demand in 2020 fell by 57 percent in volume and 60 percent in value compared to 2019. more accessible and more convenient e - payment options may have partly contributed to the decline, aside from softer economic activities during the said period. the expanded role of digital payments in 2020 is worthy of note. while it kept the economic gears running during the community quarantines, it was also instrumental in distributing welfare benefits from the social security system ’ s small business wage subsidy ( sbws ) program. under the sbw s program, the sss, the department of finance, and the bureau of internal revenue worked, hand in hand, to provide a wage subsidy for affected employees of small businesses. government agencies partnered with the development bank of the philippines and leveraged on technology via pesonet for beneficiaries with bank accounts and through 2, 500 partner outlets nationwide for beneficiaries who had no bank accounts. this resulted in the effective and efficient implementation of the program — from application to processing to the distribution of wage subsidies direct to more than three million beneficiaries. the covid - 19 pandemic has indeed unexpectedly catalyzed the rapid acceleration of digital 3 / 5 bis central bankers'speeches transformation. the bsp took this opportunity to advance initiatives to push digitalization in the financial industry further. to chart the bsp ’ s current initiatives and strategies in advancing an efficient, inclusive, safe, and secure digital payments ecosystem, we launched the digital payments transformation roadmap last year. the roadmap identifies two critical strategic objectives. the first objective, also my personal goal as bsp governor — is that at least 50 percent of the country ’ s total financial transactions be done digitally, and at least 70 percent of filipino adults have financial accounts. the second objective involves the availability of more innovative digital financial products and services. these products and services, designed to be responsive to consumers ’ needs, will be enabled