BSP highlights role of digitalization in new economy

The Bangko Sentral ng Pilipinas (BSP) continues to promote the importance of digitalization in helping prepare Filipinos for the New Economy

“The future is digital, and it is here. We need to make sure that our constituents and the public that we serve are not left behind,” BSP Governor Benjamin E. Diokno said during a recent webinar on digital financial inclusion in the Philippines.

“Let us prepare them for the new economy and equip them with access to transformative digital financial services,” Governor Diokno stressed.

According to the 2019 Financial Inclusion Survey, account ownership among Filipino adults rose to 29 percent in 2019 from 23 percent in 2017, translating to an additional five million Filipinos being financially included in the span of two years.

There has also been an increase in account ownership among the poorest, or the socio-economic class “E” segment—doubling to 27 percent in 2019 from 14 percent in 2017.

“This is a good indicator of this group’s readiness for digital finance,” Governor Diokno said.

The BSP chief also cited ways on how the public sector can prepare their constituents for the new economy and its transformative digital financial services.

These include adopting digital payments in social welfare programs and public services; seeking partnerships with and support from government agencies, civil society and the private sector, including financial service and technology providers; and advocating for digital and financial literacy efforts for their constituencies.