The National Strategy for Financial Inclusion (NSFI) 2022-2028 serves as a blueprint to achieve the vision of driving financial inclusion toward inclusive growth and financial resilience. Building on the principles-based approach of the original strategy launched in 2015, the updated NSFI contains specific interventions, outcome measures, and targets to guide all stakeholders working together to accelerate financial inclusion in the country.
The FISC is the interagency governing body that leads the coordinated and collaborative approach in implementing the NSFI and provides guidance in the development of its various policies, regulations, supervisory frameworks, programs, and initiatives.
Per Executive Order No. 208 signed on 2 June 2016, the BSP serves as chair of the FISC.
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 innovation and market-based solutions which can have a transformative role in expanding the scale and reach of financial services.
An informative list of access points to make financial services available and within reach to the public
The BSP drives programs and advocacies to ensure that the reach of financial services expands to the unserved and underserved segments of the population, especially the country’s most vulnerable.
An important aspect of the BSP’s financial inclusion work is its participation in various fora to support and sustain global conversation on financial inclusion. The BSP continues its productive exchange of information with relevant agencies and entities to further development of financial inclusion not only in the country but also in the regional and global space.
The Bangko Sentral ng Pilipinas (BSP) and the Alliance for Financial Inclusion (AFI) will jointly host the 2023 AFI Global Policy Forum (GPF) from 12 to 15 September in Manila. AFI is a global network of central banks, financial regulators, and other stakeholders from 76 countries working together to promote and develop policy solutions and regulation that improve lives of the poor through financial inclusion. The 2023 AFI GPF in Manila, with the theme “Stability, Sustainability, and Inclusivity for Shared Prosperity,” is expected to draw around 800 local and international participants, including heads and senior officials of central banks, financial regulators, and other partner institutions.
Circular No. 1048 or the BSP Regulations on Financial Consumer Protection seeks to fundamentally strengthen market conduct practices of Bangko Sentral ng Pilipinas’ (BSP) supervised financial institutions (BSFIs) by establishing guidelines that institutionalize consumer protection as an integral component of corporate governance and culture, as well as risk management.
The Consumer Assistance Management System is an avenue provided by the BSP for financial consumers to escalate their concerns against BSP-Supervised Financial Institutions (BSFIs) when they feel aggrieved by its conduct, products and services, and over-all handling of their issues. The CAMS is also a tool used by the BSP to ensure that BSFIs are responsive to the needs of their clients.
The Consumer Assistance Mechanism may be availed by financial consumers through the BSP Online Buddy (BOB) channels or through traditional means (email, postal mail, walk-in).
As financial consumers gain access to wide range of financial products and services they become vulnerable and exposed to different types of risks such as risks on financial loss, data breaches and identity theft.
The loan calculator will help financial consumers shop for the best loan product that banks offer as may be suitable for their needs.
SEC Webinar on “When and Where to Invest, Part 2”, October 14, 2022 at 01:00 PM (To be livestreamed at the SEC Facebook page)
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