BSP cites importance of stakeholder engagement in promoting financial inclusion

The Bangko Sentral ng Pilipinas (BSP) underscores the importance of stakeholder engagement and collaboration in its efforts to onboard more unbanked Filipinos into the formal financial system.

“We have embraced financial technology to bring more Filipinos inside the financial loop and help improve lives. The BSP is expanding engagements with target segments to promote inclusive digital finance,” BSP Governor Benjamin E. Diokno said during a recent conference of Financial Executives Institute of the Philippines (FINEX).

The BSP fully supports the rollout of the Philippine Identification System (PhilSys) which is spearheaded by the Philippine Statistics Authority (PSA).

The Philsys ID provides a verifiable digital identity that can be used as a document to avail financial services, like opening a bank account or receiving government assistance.  It has the potential to facilitate cost-efficient client onboarding and digital finance innovations.

In relation to this, a co-location arrangement between the PSA and the Land Bank of the Philippines has allowed PhilSys registrants to open a bank account onsite. This has led to the onboarding of over 5.3 million unbanked Filipinos to date.

BSP is also engaging the National Council on Disability Affairs and has issued measures upholding non-discriminatory policies in the provision of banking services, namely providing mobility ramps in bank premises and installing Braille keypads on automated teller machines for Persons with Disabilities. These efforts are on top of its conduct of financial inclusion information campaigns for this sector.

Moreover, the BSP has invited the Department of Interior and Local Government to the Financial Inclusion Steering Committee given its unique position to foster financial inclusion among the local government units.

To build use cases for account ownership and digital payment, the BSP is working closely with the Department of Labor and Employment, Department of Social Welfare and Development, and Department of Transportation.