Philippines Pushes for Digital Wage Payments to Boost Financial Inclusion

Source: FINTECH Philippines

The Bangko Sentral ng Pilipinas (BSP) and the Department of Labor and Employment (DOLE) are urging labor and employer sector leaders to transition to digital wage payments, highlighting the benefits of safe and efficient payroll solutions.

During the 2nd Financial Inclusion Forum for the Labor and Employers Sector, discussions emphasized the advantages of digital wage payments for both employees and employers. Currently, around 70 percent of private sector salaries in the Philippines are still paid in cash, according to the 2021 Financial Inclusion Survey by the BSP. Digital wage payments are seen as a key driver of financial inclusion.