The Bangko Sentral ng Pilipinas (BSP) continues to make important strides to promote and improve financial inclusion in the Philippines. On 1 July 2015 in Manila, a Memorandum of Understanding on the National Strategy for Financial Inclusion (NSFI) was signed by BSP, along with other chief regulatory authorities such as the Department of Finance.

The NSFI provides a framework for the government and the private sector to take a coordinated and systematic approach toward the development of a financial system that is accessible and responsive to the needs of the entire population, encouraging broad-based and inclusive growth. It demonstrates a specific focus on ensuring the financial system serves the traditionally unserved or marginalized sectors of the population.

“The NSFI is a combined and concerted national effort targeted at effective access and quality services, especially for minorities, women, the youth, rural population, and other underserved segments of the market,” according to Amando Tetangco, Jr., Governor at BSP.

The NSFI is a product of a collective effort, developed through a highly consultative process between the public and private sectors. It received inputs from a broad range of stakeholders that included various government agencies, banks and banking associations, the cooperative sector, insurance providers, payment service providers, and microfinance non-government organizations. Selected members of the Alliance for Financial Inclusion (AFI) also subjected the national strategy to a peer review.

In addition to BSP and the Department of Finance, the memorandum was signed by the Departments of Education, Trade and Industry, Social Welfare and Development, and Budget and Management, along with the National Economic and Development Authority, Insurance Commission, Commission on Filipinos Overseas, Securities and Exchange Commission, Philippine Statistics Authority, Philippines Deposit Insurance Corporation and Cooperative Development Authority.

“The Philippines has developed an impressive, well-rounded national strategy for financial inclusion, which is set for a successful implementation,” said Alfred Hannig, Executive Director at AFI. “The growth in national financial inclusion strategies and the impact on financial inclusion is extremely encouraging. It will provide ample opportunities to learn from BSP and all national stakeholders on effective NSFI formulation, and, as they move their strategy forward, on effective implementation.”