NextGen Day

Two rural banks in Batangas City that are situated in socially and economically disadvantaged areas are being used as a test site by the government for the usage of satellite internet services (GIDA).

The Philippine Space Agency (PhilSA) and the Department of Science and Technology-Advanced Science and Technology (DOST-AST) have joined forces, according to a Bangko Sentral ng Pilipinas (BSP) press release, to test the deployment of satellite internet service provider iOne Resources Inc. at the Progressive Bank of Malvar and Rural Bank of Cuenca.

According to the statement, “the test deployment intends to examine the effectiveness and dependability of satellite internet services under local meteorological conditions.”

The government’s effort to “expand access to financial services in rural areas,” according to the BSP, is supported by the partnership.

According to BSP Governor Felipe Medalla, “We believe in the ability of satellite technology to boost connectivity in rural areas, thereby expanding the capacity of banks to deliver digital financial services and encourage greater financial inclusion in unserved and underserved areas.”

According to the BSP, 533 out of the 1,634 localities nationwide, or 33%, still lack bank branches.

As a result, it supported the signing of Executive Order (EO) No. 127 by former President Rodrigo R. Duterte on March 10, 2021, which allowed for the expansion of access to satellite systems to boost internet access and connectivity, particularly in remote parts of the nation.

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