Publication Date: 2023/12/19
Abstract: This study investigates the impact of bank liberalization on economic growth in the Philippines and Singapore. Additionally, the economic implications of electronic payments, brought about by deregulation and technological advancements, are examined within the framework of Financial Activities under the System of National Accounts. The research strategically selects countries—specifically, the Philippines and Singapore— to represent varying economic statuses and classifications. When observing the effects of bank liberalization, it was found that the Philippines exhibits a significant and positive correlation between deposit rates and GDP growth, while financial share shows a negative correlation. On the other hand, Singapore’s exchange rate, FDI, and lending rate were the significant variables. An inverse relationship exists between the exchange rate and the growth in an economy, while FDI and lending rates exhibit a positive correlation. The effect of e- payment also indicated the significance of these emerging systems on economic growth. In the Philippines, card- based payment and money supply significantly correlate with the dependent variable, showing a negative and positive coefficient, respectively. Conversely, Singapore showed a positive coefficient with card-based payment and a negative coefficient with money supply.
Keywords: Bank Liberalization; E-Payment; Economic Growth.
DOI: https://doi.org/10.5281/zenodo.10405573
PDF: https://ijirst.demo4.arinfotech.co/assets/upload/files/IJISRT23DEC604.pdf
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