ILOILO CITY: Preference for digital payments in the country is growing based on the results of the 2021 Financial Inclusion Survey, the Bangko Sentral ng Pilipinas said Wednesday. BSP Deputy Director for Payments Policy and Development Department Tricia Defante-Andres shared that digital payment channels, such as electronic wallets, have provided wider access to financial services for Filipinos. According to Philippines News Agency, Defante-Andres stated that by 2021, 56 percent of Filipino adults were already engaged with formal financial institutions. This marks a significant increase from just 1 percent in 2013, with payments digitalization rising to 52.8 percent in 2023, surpassing the 50 percent target set under the Digital Payments Transformation Roadmap. The BSP is actively promoting the sustained use of digital payments, highlighting their benefits to consumers, businesses, and the government. Consumers benefit from fast, safe, and convenient payment options, while businesses see improved efficiency and reduced expenses. For the government, digital payments help minimize revenue leaks through increased efficiency and transparency. To further propagate digital payments, educational campaigns and lectures are being conducted. The BSP is also collaborating with other government agencies and initiatives to broaden the program's reach. Andres emphasized the potential impact if more citizens utilized digital payments for government transactions, given that the government is the largest biller in the country. Recognizing the challenges of internet connectivity in remote areas, the BSP is exploring the possibility of digital but offline payment solutions. Andres also advised users to practice good cyber hygiene to safely maximize the benefits of digital payments and avoid scams.