In keeping with its annual tradition, the Bangko Sentral ng Pilipinas (BSP) released its year-end report showcasing milestones in financial inclusion for 2015. The BSP remained steadfast in its commitment to pursue financial inclusion thru various activities, particularly in the areas of (1) policy and regulation, (2) financial education and consumer protection, (3) data and measurement, and (4) advocacy programs.
In 2015, the BSP focused on organizing greater public and private sector collaboration in financial inclusion thru the National Strategy for Financial Inclusion (NSFI). The launch of the strategy was graced by Her Majesty Queen Máxima of the Netherlands in her capacity as the United Nations Secretary General’s Special Advocate for Inclusive Finance for Development.
The BSP commenced work to scale up financial inclusion levels thru digital infrastructures and innovations that can be supported by a National Retail Payment System (NRPS) and to improve financial inclusion data and measurement thru the National Baseline Survey on Financial Inclusion (NBSFI), in order to support evidence-based policymaking and program implementation. These initiatives build on, and complement existing ones in order to establish a truly inclusive financial system that provides all Filipinos with responsive and responsible financial services that fit their needs.
The 2015 initiatives bring us closer to our goals. We again received international recognition, particularly from the Economist Intelligence Unit, that the Philippines is the first country in Asia, and third in the world, with the most conducive environment for financial inclusion. Yet, more focused work needs to be done by the BSP as well as public and private sector stakeholders to fully realize financial inclusion objectives.
The 2015 BSP Financial Inclusion Report 2015 may be downloaded at the BSP website for more information.