National strategy to boost financial inclusion in PHL

The National Strategy for Financial Inclusion (NSFI) 2022-2028 is a blueprint for broad-based growth and financial resilience, and signifies the collective commitment of the government, private sector, and civil society for a more financially included and empowered citizenry.

“The NSFI focuses on reducing disparities in financial inclusion; improving health and resilience; empowering consumers; and increasing access to finance of micro, small and medium enterprises (MSMEs), including startups, and the agriculture sector,” said Bangko Sentral ng Pilipinas (BSP) Governor and Financial Inclusion Steering Committee (FISC) Chairman Benjamin E. Diokno.

The FISC is the interagency governing body^[1] that leads the collaborative approach in implementing the NSFI pursuant to Executive Order No. 208 series of 2016.

Under the NSFI 2022-2028, the FISC will organize working groups with members coming from the government (regulators, policymakers and LGU associations); providers (banks and non-bank financial institutions, telecommunications/ internet service providers and similar sectors, and their industry associations); consumers (consumer groups, civil society organizations, representatives  of  basic sectors and the transacting public); and supporting institutions (donors, development partners, academe, and think tanks).

The working groups will spearhead the implementation of NSFI priority initiatives, which include promoting inclusive digital finance; strengthening financial education and consumer protection; and enhancing risk protection, social safety nets, and the agriculture and MSME financing ecosystem.

To localize the national strategy, the NSFI shall be adopted and monitored at the sub-national level. The regional and local development councils will be tasked to implement the NSFI initiatives in their respective jurisdictions.

Moreover, financial inclusion will be incorporated in the regional and local development plans. In relation to this, the FISC will endorse the issuance of an executive order to institutionalize the adoption of the NSFI at the local levels.

The NSFI 2022-2028 builds on the gains of the first strategy launched in 2015 and takes into consideration the COVID-19 pandemic and rapid developments in financial services.

^[1] The members of the FISC include:

Chair:

1. Bangko Sentral ng Pilipinas
   Members:
2. Commission on Filipinos Overseas
   3. Cooperative Development Authority
   4. Department of Budget and Management
   5. Department of Education
   6. Department of Finance
   7. Department of Social Welfare and Development
   8. Department of Trade and Industry
   9. Insurance Commission
   10. National Economic Development Authority
   11. Philippine Deposit Insurance Corporation
   12. Philippine Statistics Authority
   13. Securities and Exchange Commission
   14. Department of Agrarian Reform
   15. Department of Science and Technology
   16. Department of Agriculture
   17. Department of Information and Communications Technology
   18. Department of Transportation
   19. Department of Labor and Employment
   20. Philippine Commission on Women
   21. Department of Interior and Local Government