Authors :
Renz Angelo F. Danao; Garyzaldy T. Delos Santos, Jr.; Marie Antoinette L. Rosete
Volume/Issue :
Volume 8 - 2023, Issue 12 - December
Google Scholar :
https://tinyurl.com/57zzff3w
Scribd :
https://tinyurl.com/y7sswae5
DOI :
https://doi.org/10.5281/zenodo.10405573
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.
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.
