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According to 2017 data from the World Bank, only 34% of Filipinos have bank accounts. The Bangko Sentral ng Pilipinas wants to bring this figure up to 70% by 2023. Because of the pandemic and the resulting lockdown, the need for financial inclusion and access to banking services has become more urgent. BusinessWorld reporter Luz Wendy Noble speaks with Pia Roman Tayag, managing director of the Center for Learning and Inclusion Advocacy of the Bangko Sentral ng Pilipinas. They talk about initiatives to bring more Filipinos into the formal financial system, how the enhanced community quarantine has driven consumer behavior—causing a shift to e-money and online banking, and how financial inclusion plays out in the distribution of the social amelioration program.
Recorded remotely on April 27. Produced by Nina M. Diaz, Paolo L. Lopez, and Sam L. Marcelo.
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