The BSP is deeply involved in various projects and activities aimed towards alleviating poverty, contributing to the global fight against money laundering, increasing transparency of monetary policy and improving the financial literacy of the public.
- The BSP has declared microfinance as its flagship program for poverty alleviation in Year 2000 and has since then played a key role in the development of sustainable microfinance in the country. The BSP initiatives have focused on the policy and regulatory environment, training and capacity building as well as on promotion and advocacy.
- The BSP has been conducting public information campaigns in line with the effort to increase public awareness on the role of the BSP in the economy and the financial system and to further enhance the transparency of monetary policy.
- The BSP has also taken a proactive stance in embarking on a consumer education program that aims to improve the basic financial literacy of the public.
- The BSP undertakes various bank-related initiatives to improve the remittance environment and to channel remittances to productive undertakings. Through these initiatives, the BSP intends to maximize the benefits of remittances aimed at: (1) ensuring the smooth inflow of remittances, and (2) promoting their use for development by channeling them to the financial sector so that these funds can be mobilized for lending and other productive activities.