BSP bats for enhanced financial inclusion program
MANILA - The Bangko Sentral ng Pilipinas (BSP) on Thursday vowed to further widen the scope of its financial inclusion program after it was named as one of the best in the world.
Global Microscope 2019, a publication of the Economist Intelligence Unit (EIU), ranked the Philippines as the 5th best among 55 countries worldwide and 1st in Asia, along with India, in terms of top countries that promote financial inclusion.
The BSP, on Wednesday, said Global Microscope identified the country’s efforts on five standard categories-- the government stability and support, stability and integrity, products and outlets, consumer protection, and infrastructure.
“The country also retained its top standing in credit portfolios for middleand low-income customers, market-entry, and ongoing
requirements for banks,” it said.
The publication also noted measures to provide an environment that expand the coverage of digital financial services (DFS), particularly the National Strategy for Financial Inclusion (NSFI), which is under the guidance of the inter-agency Financial Inclusion Steering Committee (FISC).
Among the programs under NSFI are the national digital ID system, one-stopshop program for online government services, and the creation of the central bank’s Financial Technology Sub-Sector (FTSS), which focuses on digital financial technology for the underserved.
Programs toward addressing cybersecurity, connectivity, and frameworks for emerging services were also recognized.
The BSP said these findings “were positive overall, owing to the improved global enabling environment for financial inclusion.”
“The increased adoption of relevant frameworks would encourage the entry of more innovators and external players such as fintechs. The results of the Global Microscope will continue to inform the BSP’s efforts towards achieving financial inclusion and its vision of bringing itself closer to the people,” it said.
On Thursday, the central bank said it is “delighted” with the recognition.
It said the country’s “top standing in Asia reflects the BSP’s thrust of promoting the adoption of financial services through compelling use cases for digital payments.”
“We are especially proud of this recognition as it provides an impetus for us to further deepen the foundations of financial inclusion through digital means in 2020, with the overall goal of providing transactions that are relevant and valuable to many Filipinos,” it added. (PNA)