NextGen Day

MANILA, Philippines — More deposit account and electronic money (e-money) products are helping the Bangko Sentral ng Pilipinas (BSP) reach its aim of having 70% of Filipino adults in the formal financial system by 2023.

“At the rate, we’re going, and with the strong push from the government and the commercial sector, there’s a good chance we’ll hit our goal of onboarding 70% of adult Filipinos by 2023 sooner rather than later,” BSP Governor Benjamin Diokno said in a video briefing on Wednesday.

According to Diokno, monetary officials predict that roughly 20 million unbanked Filipino adults will be enrolled in the formal financial system between 2020 and the third quarter of 2021 through the opening of basic deposit accounts (BDA) and active e-money accounts.

According to him, the overall number of banked adult Filipinos now stands at 41 million, or nearly 53% of all adult Filipinos.

“We’re also hopeful that the findings of the 2021 financial inclusion survey will confirm the huge increase in ownership over the last two years,” he added.

The new national plan for financial inclusion, according to Diokno, “solidifies the government’s commitment to reaching not only (the) account ownership target but broader financial inclusion targets.”

According to him, the National Strategy for Financial Inclusion (NSFI) 2022-2028 highlights economic, physical, and behavioral difficulties affecting financial conditions as one of the barriers to bringing more adult Filipinos into the formal financial system.

The new NSFI lays the groundwork for broad-based growth and financial resilience by enhancing public-private collaboration, resulting in more financially involved and empowered Filipinos.

The newest NSFI, according to Diokno, “focuses on eliminating gaps in financial inclusion, enhancing health and resilience, empowering consumers, and increasing access to credit for micro, small, and medium enterprises (MSMEs), especially startups, and the agriculture sector.”

He went on to say, “This is why the NSFI emphasizes the need of establishing market-enabling and innovative infrastructure.”

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