NextGen Day

On Monday, the House of Representatives passed a bill encouraging financial inclusion and literacy, particularly among those living in rural and underdeveloped areas, on its third and final reading, ensuring fair access to financial technology.

House Bill 10582, also known as the “Rural Financial Inclusion and Literacy Act,” was approved by 204 MPs. There were no votes against it or abstentions.

By tackling the vast gap in reaching financial inclusion, the strategy aims to improve the lives of underprivileged groups such as small farmers, fisherfolk, and informal laborers.

It also aspires to create a financial system that benefits all Filipinos, regardless of their socioeconomic level, and so helps to inclusive growth and development, particularly in rural and provincial areas.

Ang Probinsyano is a political party in the Philippines. The bill’s author, Rep. Alfred De Los Reyes, stated that improving the capacity of rural financial institutions is critical since they are at the forefront of providing financial services to local people through safer channels.

“It [law] targets financial literacy, trust, inclusivity, and accessibility. This bill aims to help Filipinos become more financially secure and capable of pursuing personal and economic growth “According to De Los Reyes.

A proactive and sectoral financial and digital literacy program will be designed to increase participation with financial services and institutions in rural areas.

The curriculum will include a fundamental grasp of ideas, as well as technical application in collaboration with financial organizations such as banks and lending firms to acquire knowledge and develop skills for making well-informed economic and financial decisions.

The program should involve, among other things, the delivery of seminars and the creation of modules.

The law suggests that conventional banks, particularly rural banks, undergo capacity-building programs to improve their knowledge of financial technologies.

These include mobile payments, online lending, banking blockchain applications, and moving data processing to the cloud via raising knowledge of the Bangko Sentral ng Pilipinas’ approved data migration and storage options.

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