The BSP ensures that an enabling policy and regulatory environment is in place through the issuance of various regulations conducive to financial inclusion. The general approach is characterized by openness to innovations and market-based solutions which can have a transformative role in expanding the scale and reach of financial services.
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​The policy approach aims to support the three pillars of financial inclusion:

• Circular 649 (09 March 2009) provides the guidelines governing the issuance of electronic money (e-money) and the operations of electronic money issuers (EMI) in the Philippines.
  
  
• Circular 992 (01 February 2018) introduces the framework that allows banks to offer basic deposit accounts (BDA). Regarded as a cornerstone of financial inclusion, the BDA provides the account holder to a wide range of financial services such as savings, credit, insurance, investments, and remittance. This is consistent with the BSP's thrust to advance universal access to formal financial products and services.

Expansive Network of Low-Cost Touchpoint

• Circular 940 (20 January 2017) allows banks to serve clients through cash agents which can accept and disburse cash on behalf of the bank. Cash agents can also perform Know-Your-Customer procedures as well as collect and forward application documents for loan and account opening. They may also sell and service insurance as may be authorized by the Insurance Commission. These cash agents are typically cash rich third party entities with many outlets that conduct regular business in fixed locations anywhere in the country, such as convenience stores, pharmacies and other highly accessible retail outlets.

Efficient Retail Payment System

• Circular 980 (6 November 2017) promotes the establishment of a safe, efficient, reliable and interoperable retail payment system through the adoption of the National Retail Payment System (NRPS) Framework in light of the complex interplay of different types of risk arising from the rapid evolution of retail payment activities of Bangko Sentral supervised financial institutions (BSFIs). The electronic retail fund transfer schemes PESONet and Instapay were launched under the NRPS framework.