THE rise of digital currencies and innovative public systems will shape the future of governance, social services and economic development in the Philippines.
This was highlighted by experts during a breakout session at the 10th Annual Public Policy Conference (APPC), hosted by the Philippine Institute for Development Studies.
Speakers from the 10th Annual Public Policy Conference emphasize the use of innovative technology for digital currency. CONTRIBUTED PHOTO
The session on “Harnessing data, digital currencies and innovation in public systems” delved into emerging technologies and trends that are enhancing public sector efficiency and citizen participation.
Siddharth Shetty, chief technology officer at Sahamati, shared successful initiatives that have inspired India to explore the next frontier in financial technology with the “Finternet”— a visionary system that grants individuals full control over their financial assets across various sectors.
Shetty emphasized that while the underlying technology of the Finternet is open and universal, governance frameworks must be robust and adaptable to the specific flows of money and assets.
In the Philippine context, Mamerto Tangonan, deputy governor of the Payments and Currency Management Sector at the Bangko Sentral ng Pilipinas (BSP), provided updates on the country’s progress toward Central Bank Digital Currency (CBDC) development.
As part of this effort, the BSP launched “Project Aguila,” a comprehensive initiative to explore the potential of wholesale CBDC.
Jay Fajardo, executive director of QBO Innovation Hub, highlighted the need to improve digital payment systems to address both human and technical concerns.
Watch the recording of the breakout session at https://bit.ly/10thappcbor4 or access the full APPC session at https://bit.ly/appc2024.