The World Bank has lauded the efforts of the Philippines to develop a monitoring and evaluation (M&E) system for the implementation of the National Strategy for Financial Inclusion (NSFI). The NSFI envisions a financial system that is accessible and responsive to the financial needs of all Filipinos, and provides a well-coordinated framework for public private coordination and cooperation as well as harmonization of efforts in financial inclusion. The NSFI was officially launched last 1 July 2015.
The World Bank reported that “The Philippines has pioneered a unique approach to gather relevant data on activities, inputs and indicators to enable collaborative reporting by the various implementing agencies [of the NSFI].”
The importance of data and measurement is clear in the National Strategy as it is the underpinning foundation of the other pillars of the NSFI, namely policy and regulation, financial education and consumer protection, and advocacy. This commitment to monitor progress and develop evidence-based programs and policies will ensure that efforts are indeed achieving the goal of expanding access to much needed financial services for the countries unserved and underserved sectors.
The BSP endeavored to define a practical and sustainable approach for monitoring and measuring progress of the NSFI implementation. Thus, the BSP, with the assistance of the World Bank, set up an appropriate and practical M&E System. The stocktaking mission was held last 14 to 26 April 2016.
Apart from monitoring program implementation as well as national progress, the objective of the M&E system is to address data gaps and promote accountability of the government agencies involved in the NSFI implementation.
The World Bank noted that “the unprecedented level of collaboration for NSFI implementation is a good sign for future progress on improving financial inclusion in the Philippines.”
The full article of the World Bank may be read here.