The central bank’s financial inclusion plan over the next six years is targeting the unbanked ranks within the consumer small business, and agriculture sectors.
The National Strategy for Financial Inclusion 2022 to 2028 launched by the Bangko Sentral ng Pilipinas Friday targets four key outcomes, including reduced disparities in financial inclusion; improved health and resilience; more financially capable and empowered consumers; and increased access to financing by micro, small and medium enterprises (MSMEs), including startups, and the agriculture sector workers.
“This signifies our greater collective commitment and aspiration for a more financially included and empowered citizenry. It takes a deliberate stance to address the significant disparities in financial inclusion levels across demographics and segments,” BSP Governor Benjamin E. Diokno said.
The new strategy succeeds the first national government directive for financial inclusion in 2015.
“(This) benefits the disadvantaged and low-income groups to reduce financial stress and help them to become more productive,” President Rodrigo R. Duterte said in a video message at the launch.
The central bank sought the assistance of the Asian Development Bank to update its inclusion strategy.
The BSP’s goal is for 70% of adult Filipinos to have a formal financial account by 2023.
Mr. Diokno has said 53% of adults had a basic deposit or an e-money account as of the first quarter of 2021. — Luz Wendy T. Noble