Photo credit: © 2026 Bangko Sentral ng Pilipinas (BSP)

On August 19, 2026, IPA, in collaboration with the Rizal Commercial Banking Corporation (RCBC) and the Bangko Sentral ng Pilipinas (BSP), convened representatives from government agencies, Financial Service Providers (FSPs), industry associations, development partners, and other key stakeholders to present findings from an IPA study on consumer demand for retail off-net payments, one of the first experimental studies to measure the price elasticity of demand for digital payments and estimate the value of an instant payment system (InstaPay).

The event provided a platform to share key findings from the study on how fees affect digital payments; facilitate multistakeholder dialogue among regulators, FSPs, and payment ecosystem actors; gather expert feedback and insights to inform future research priorities around instant payment systems and the broader concept of digital public infrastructure (DPI); and identify opportunities for collaboration with the central bank and private sector institutions.

Speakers at the event included:

• Principal Investigators
  • Russell Toth, Associate Professor, University of Sydney
  • Joaquin Gonzales, Professor, Ateneo de Manila University
  • Tiffany Tsai, Assistant Professor, National University of Singapore
• IPA Staff
  • Paul Adams, Program Director, Financial Inclusion Program
  • Pauline Dangaran, Associate Research Manager, IPA Philippines
  • Aftab Opel, Country Director, IPA Philippines
• External Partners
  • Deputy Governor Mamerto E. Tangonan, Payments and Currency Management Sector (PCMS) Head, BSP
  • Assistant Governor Dennis Bancod, Payments and Currency Development Sub-Sector, BSP
  • Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer, RCBC
  • Isvary Sivalingam, Asia-Pacific Lead, Better than Cash Alliance

You can view the event recording below: