Gold, payments systems in the world’s most populous country
Two of the world\’s most populous countries have emerged as major players in the growing field of payments systems, as payments systems become more accepted and valued by the global economy.
According to a report released Thursday by the World Bank and the International Monetary Fund, the Philippines has become the world leader in the development of the gold-backed payment system, and has now developed a digital payment system that is used by more than 1.3 billion people.
The Philippines has emerged as a leading innovator in the field of digital payment systems in Asia, the report said.
The report cited a new program to provide payment services to the general public in the Philippines as one of the most significant achievements of its digital transformation in the last two decades.
The program was launched in 2015 and is a joint venture between the Philippine government, the Philippine Overseas Bank, the National Bureau of Statistics, the Bureau of Customs and the Philippine Chamber of Commerce.
The program is part of the country\’s effort to create a new generation of digital citizens, the bank said.
According a statement from the Philippines Department of Communications, the program will help connect individuals, businesses and households through digital payments, including the adoption of digital identity cards, debit cards and prepaid cards.
The Philippine government has also committed to develop the countrys own payment system by 2025, and said that its efforts to create the first-ever gold-based payment system will lead to a surge in the country’s economy.
The Philippines, which has seen its GDP grow more than 8% annually over the last five years, is the fastest-growing country in Asia and the third-fastest-growing in Latin America.
The Philippines has more than 9 million residents, according to the WorldBank.
The country has already made major inroads in the financial services sector in recent years, and its economic growth has surged to nearly 4% annually in the past five years.
The country is currently in the process of implementing the country-specific Digital Nomad Plan, which will boost digital transactions and economic growth.
The announcement was made by the Philippine Finance Secretary, Carlos Cabello, and President Rodrigo Duterte, the latter of whom has been pushing for the country to follow the lead of China in adopting a gold-issued currency for decades.
In May 2017, the two countries signed an agreement that will see the Philippines, China and other countries adopt a gold standard for the Philippine peso, the currency used by the government and private entities to transact in and with foreign currencies.
Under the plan, the three nations will each adopt a version of the Philippine Peso and set the conversion rate for the peso based on the value of gold and other precious metals, as well as the average annual exchange rate.
In addition to the Philippine Government, China has adopted a similar plan, and in 2018, it announced plans to have the yuan issued as a gold reserve currency, which would also be used by private institutions and government entities.
The move by China and the Philippines to implement gold as the new currency will further boost Philippine growth, the World Business Council said in a report earlier this year.
The bank said in its report that by 2030, there will be nearly 2 billion digital transactions carried out in the global payments market.
The report said that the digital payments sector could potentially generate $3.3 trillion in revenue and $2.9 trillion in GDP in the next two decades, an increase of 2.6% and 3.3%, respectively.