yet operational, the bsp is using its blueprint as a guide in designing cross - border arrangements to support bilateral and multilateral platforms in the future. lastly, the bsp is supporting legislative reforms that complement the financial digitalization agenda. one is the financial consumer protection bill, which will strengthen the bsp ’ s ability to address consumer concerns on electronic financial accounts and enhance consumer safety and trust on the digital financial system. also, the open access in data transmission bill, which seeks to lower the barriers and cost of entry in the data transmission industry to attract more players. this proposed legislation is expected to significantly improve the quality of internet services, helping our digitalization efforts flourish. with financial digitalization i am confident that we will achieve the stronger post - covid economy that we envision sooner rather than later. thank you very much for your attention. 3 / 3 bis central bankers'speeches

percent, nearing the target of 70 percent. these include basic deposit and e - money accounts. the bsp welcomes the recent issuance of the implementing rules and regulations of executive order no. 127, which liberalizes access to satellite services by allowing non - enfranchised but registered internet service providers ( isps ) and value - added service providers ( vasps ) to directly access satellite systems to build broadband facilities. this is expected to improve the quality and reduce the cost of internet services in the country, which bodes well for our financial digitalization and inclusion agenda. the bsp has achieved milestones in digital banking. following the issuance last year of the “ digital banking framework ”, the bsp has already granted licenses to 6 entities. 2 / 3 bis central bankers'speeches we expect these newly licensed digital banks to bring banking in the philippines to new heights. the bsp has launched last month the “ qrph p2m ( person - to - merchant ), ” that will promote extensive use of qr codes, enabling payments to vendors and public transport. other initiatives in the pipeline will make electronic bills payment more convenient. the “ interoperable bills payment facility ” will allow bills payment of customers to billers even with different service providers. the “ direct debit ” facility provides customers the option to allow automatic debiting of recurring bills payments from their accounts. meanwhile, the “ request to pay facility ” allows payees to electronically send a “ request to pay ” so that payors may conveniently do payments by simply responding to the request. additionally, as part of our financial digitalization drive, the bsp is working with the department of labor and employment to promote digitalization of wage payments, and with the department of transportation to expand the use of digital platforms to pay for transport fares. the bsp likewise supports the philippine identification system, which will allow unbanked filipinos to finally open financial accounts, thereby accelerate financial inclusion. looking beyond the country ’ s borders, the bsp and the monetary authority of singapore recently signed an enhanced fintech cooperation agreement to facilitate interoperable payments between the philippines and singapore. the bsp intends to pursue similar arrangements with other monetary authorities in the asean region. moreover, the bsp is also studying the bank for international settlement ( bis ) innovation hub ’ s project nexus. “ nexus ” is a model for connecting multiple instant payment systems into a single cross - border platform. while this project is not