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BSP leads stronger bid towards financial inclusion

By Joann Villanueva

January 28, 2022, 6:58 pm

<p>BSP Governor Benjamin Diokno <em>(File photo)</em></p>

BSP Governor Benjamin Diokno (File photo)

MANILA – Financial inclusion encompasses not just broader access to financial products but provides opportunities even for people in the lower bracket of society to move up the ladder, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said Friday.

In his speech during the hybrid event held both virtually and physically for the launch of the National Strategy for Financial Inclusion (NSFI) 2022-2028, Diokno said stakeholders defined what financial inclusion is in the local setting when they launched the original NSFI in 2015.

He said the initial program allowed greater public and private sector collaboration towards bringing more Filipinos into the formal banking system.

These measures allowed previously unbanked Filipinos to open transaction accounts, obtain loans, invest, and purchase insurance products through the formal financial system.

“These initiatives have been instrumental in broadening access to essential financial products and services. In turn, they uplifted lives by giving the poor the means to protect and grow their livelihoods, improve their well-being, and ultimately, take greater control of their future,” he said.

Diokno said other pluses to the program are the implementation of the national ID system and the digitalization of social protection benefits and financial services.

He, however, noted that more work needs to be done since “the paramount vision of financial inclusion, after all, is to foster sustainable, broad-based growth that promotes shared prosperity and opportunities.”

“Access to financial products and services must not only be broad, but also meaningful in a sense that it opens up opportunities for the man on the street to move up in life,” he said.

Diokno said gains to include more adult Filipinos in the formal system are being registered but the 2019 Financial Inclusion Survey showed that 71 percent of the estimated 51 million target beneficiaries remain unreached by the formal financial system.

“With these realities and other significant developments transforming the country’s financial inclusion landscape, our vision and strategy must evolve to reflect new exigencies, new demands, and opportunities,” he said, pointing out that the latest program “signifies our greater collective commitment and aspiration for a more financially included and empowered citizenry.”

Diokno noted that “it takes a deliberate stance to address the significant disparities in financial inclusion levels across demographics and segments.”

“By articulating concrete desired outcomes, priorities, performance indicators, and targets, this landmark document will not only serve as a financial inclusion blueprint for the next six years but also as a powerful tool for communicating our bold commitment to the financial inclusion agenda,” he added. (PNA)

 

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