MANILA, July 7 (Xinhua) -- The Philippines continues to expand the use of digital payments, with electronic transactions accounting for 57.4 percent of monthly retail payments by volume and 59.0 percent by value in 2024, the Bangko Sentral ng Pilipinas (BSP) said Monday.

The figures, published in the BSP's 2024 Report on the Status of Digital Payments in the Philippines, reflect an increase from 52.8 percent in volume and 55.3 percent in value recorded in 2023.

The central bank noted that the steady growth builds on the momentum generated after surpassing its 2023 digitalization target of 50 percent for transaction volume. ■