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  "documentTitle": "Doing business in the Philippines 2021",
  "authorId": "Deloitte",
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      "text": "Growth as part of the ‘new normal’\nAs the country shifts to the ‘new normal’, e-payment transactions have become ubiquitous. The BSP saw growth in all e-money statistics recorded as of 1Q20.",
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      "text": "e-money transaction value: $28.8 billion",
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      "text": "The growth of the telecom industry has also paved the way for a stronger fintech sector: BSP data indicates that the value of Philippine e-money transactions grew by 36.3 percent to US$28.8 billion in 2019. Despite this impressive growth, however, only 1 out of 10 Filipino adults utilize their mobile device and the internet for financial transactions, as cash is still king in the country.",
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      "text": "Fintech Philippines reports that 57 percent of Philippine fintech companies operate in lending, payments, and e-wallet services, with these three sectors operating as the core of the nation’s fintech landscape. The remaining 43 percent operate in remittance, cryptocurrency, crowdfunding, credit scoring, and more.",
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      "text": "The global outbreak of COVID-19 and the ensuing lockdown measures, however, have forced both buyers and sellers to transition to digital platforms. Experts posit that e-money transactions have the potential for sustained growth, both in 2021 and in the near future.",
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      "text": "For its part, the BSP continues to promote both payments digitalization and financial inclusion, with the broad aim of converting at least 50 percent of the total volume of retail payments to digital form, and ensuring that at least 70 percent of Filipino adults are part of the formal financial system by 2023. The NRPS includes both PESONet and InstaPay, fund transfer services that support real time transactions, either low-value or by bulk. The planned adoption of the National QR Code Standard, which will allow merchants, including micro and small vendors, to accept payments through QR codes, as well as the recently launched EGov Pay Facility will also boost the digital landscape, with the latter enabling citizens to digitally pay government taxes and fees.",
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