The Bangko Sentral ng Pilipinas (BSP) plans to launch an instant cross-border digital remittance service in Southeast Asia by July 2026, aiming to lower transaction costs to 3% or less. This initiative, part of the ASEAN Nexus Platform, seeks to expedite and reduce the cost of money transfers within the region. The move reflects the high adoption rates of e-wallets in ASEAN countries, with Thailand and Vietnam leading. The Philippines, ranking fifth with an 88% adoption rate, looks to extend these financial services to areas with significant overseas Filipino populations, notably in the Americas and Europe, enhancing remittance flows to the country. This innovation follows a record high in overseas Filipino remittances, which reached USD33.5bn in 2023, marking a 2.9% increase from the previous year.