Filipinos are so in love with their hard-earned bills, that the Philippines lags behind rest of ASEAN-5 developing economies in cashless transactions, according to a report by S&P Global Ratings last November. But that appears to be changing, an inadvertent result of national and local lockdown enforced to halt the coronavirus contagion. Last year, 10.3% of digital transactions are in the form of domestic remittances. Philstar.com Last year, more than tenth of cashless transactions were in the form of local money remittances. At UnionBank of the Philippines, clients going online “increased ten-fold” during the lockdown from pre-quarantine levels this year.

Source: Philippine Star April 28, 2020 00:26 UTC