BSP: Financial inclusion empowers PWDs

Promoting financial inclusion bolsters the country’s efforts to empower and create more opportunities for persons with disabilities (PWDs), according to the Bangko Sentral ng Pilipinas (BSP).

“All Filipinos should be able to make better lives for themselves as the economy improves. This requires that we continuously work toward the National Council on Disability Affairs’ (NCDA) vision of full participation and equality of rights and opportunities for PWDs,” said BSP Governor Benjamin E. Diokno during a recent NCDA webinar.

BSP promotes financial inclusion, or the state wherein everyone has access to affordable and appropriate financial products and services, because it unlocks opportunities for more Filipinos to improve their financial wellbeing, support inclusive growth, and reap the benefits of a growing economy.

A key BSP strategy in this regard is to make it easy to open a Basic Deposit Account (BDA), which is designed to meet the needs of the unbanked. With a minimal deposit of Php 100, no maintaining balance, no dormancy fees and simplified identification requirements, anyone can open an account in the nearest bank, cash agent, or a mobile app. Presently, 133 banks in the country offer BDAs.

Meanwhile, to help the unbanked with identification requirements, the BSP supports the implementation of the Philippine National ID System. This will provide an ID that can be accepted when opening a financial account.

Moreover, BSP worked on policies that led to the development of “sacheted” financial services. Such novel and groundbreaking services include micro-savings, micro-insurance and investments, micro-credit and remittances, which are designed to be affordable and accessible to all.

“Financial inclusion will help us recover from the adverse economic impact of the pandemic and make us better prepared for a post COVID-19 economy,” Diokno explained.