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Gov’t to update financial inclusion framework for the next six years

Gov’t to update financial inclusion framework for the next six years

THE GOVERNMENT is seeking to revisit its financial inclusion framework to identify key performance indicators and targets to ensure more Filipinos have access to credit and are part of the formal financial system.

“As the landscape has evolved, so must the strategy. This impetus compels us to revisit the original strategy document and ensure that the National Strategy for Financial Inclusion (NSFI) remains a responsive framework for driving financial inclusion as a whole-of-nation undertaking,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

Mr. Diokno said even as the pandemic resulted in the rise of digital transactions, financial inclusion challenges remain.

The updated version of the NSFI will be launched in January 2022 and will cover 2022 to 2028, the BSP said. Unlike the earlier version unveiled in 2015, the new one will have strategies translated into priority initiatives, key performance indicators, and targets.

The BSP enlisted the assistance of the Asian Development Bank to solicit feedback and input from various stakeholders for the updates.

The central bank wants to bring 70% of Filipinos into the banked population by 2023. BSP data showed 51.2 million Filipinos were still unbanked in 2019 as only 29% of Filipino adults have accounts with formal financial institutions. — LWTN

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