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June 24, 2024

BSP boosting financial inclusion of Filipinos

The Bangko Sentral ng Pilipinas (BSP) is pursuing initiatives to boost the financial resilience of Filipinos through the recently launched National Strategy for Financial Inclusion (NSFI) 2022-2028.

BSP Governor Benjamin Diokno said financial resilience allows Filipinos, especially the poor, to reduce the negative impacts of natural disasters, health crises, and other vulnerabilities on their personal finances.

“Financial resilience means individuals and households have the ability to mitigate and manage potential risks to their sources of income and their overall financial position,” Diokno said.

The NSFI seeks to facilitate a coherent and nationwide effort to accelerate financial inclusion, with the BSP leading the implementation of initiatives through the interagency Financial Inclusion Steering Committee (FISC), which it chairs.

To achieve its vision of inclusive growth and financial resilience for all, the NSFI has identified improved access to social protection and social safety nets–cash assistance, health and unemployment insurance, disaster risk insurance, and pension–as one of its objectives.

“Building financial resilience will enable Filipinos and their families to benefit from and contribute to the country’s economic growth,” Diokno added.