2 towns approve of KasamaKA
KasamaKA, FINTQ’s initiative to bridge the gap between the unbanked and financial services, received overwhelming response from two first class municipalities, manifesting that there is still a huge untapped market for financial institutions.
“Almost 70 percent of the total adult population of Moncada, Tarlac and San Pedro, Laguna signed up to be a KasamaKA member when our caravan visited the two towns,” said Lito Villanueva, FINTQ managing director and KasamaKA founder and lead convenor. “This high take-up rate from two first class municipalities is very telling that access to financial services still remains a challenge. Many Filipinos, even those living in areas with a reported high income level, still have limited or no access to financial services and are in search for additional household income.”
Bangko Sentral ng Pilipinas’ latest Consumer Finance Survey Report shows that majority of households or 86 percent remain to be unbanked or excluded in the financial mainstream.
KasamaKA recently held a roadshow in Davao attended by members of the League of Municipalities of the Philippines (LMP) and financial inclusion caravans in Moncada, Tarlac and San Pedro, Laguna. During the said events, the LMP, which is composed of 1,489 members, and the two first class municipalities, issued their respective resolutions declaring KasamaKA as their official inclusion and social advocacy programs.
The move is in line with the resolutions separately issued by the League of Provinces of the Philippines and the Liga ng mga Barangay sa Pilipinas, adopting KasamaKA in 81 provinces and over 42,000 barangays across the country, respectively.
The Senate of the Philippines also recently adopted Resolution No. 107 filed by Sen. Paolo Benigno “Bam” Aquino IV. The Senate resolution seeks to steer Filipinos away from informal lenders by giving them access to reasonable cost of credit and introducing them to a complete suite of digital financial services.