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April 19, 2024

Multi-sectoral working groups back BSP’s new financial inclusion strategy

Working groups comprising of members from both the government and private sector have been established to drive the timely implementation of priority initiatives under the financial inclusion strategy launched recently by the Bangko Sentral ng Pilipinas (BSP).

The creation of multi-sectoral working groups under the National Strategy for Financial Inclusion (NSFI) 2022-2028 is a new strategy governance approach supporting the Financial Inclusion Steering Committee (FISC).

BSP Governor and FISC chairman Benjamin Diokno said financial inclusion needs a whole-of-nation approach.

“The working groups will serve as an institutionalized platform for a broader set of stakeholders to actively participate in shaping and driving NSFI implementation,” Diokno said.

Composed of 21 government agencies, the FISC is the primary coordination body tasked to provide strategic direction and drive the implementation of the NSFI.

Aside from government agencies, the working groups will have members representing, to date, 41 institutions which include industry associations, consumer advocacy groups, associations of local government units, development partners, academe, and other support institutions.

Last April 4, the FISC approved the leadership and composition of the six working groups, each of which will focus on a specific theme based on the NSFI’s strategic objectives and implementation framework.

The FISC appointed the following agencies to chair the working groups: BSP (digital finance); Department of Education (financial literacy and consumer protection); Department of Trade and Industry (agriculture, MSME, and startup finance); Department of Finance (risk protection and safety nets); Department of Interior and Local Government (communication); and National Economic Development Authority (data).

The NSFI 2022-2028, launched in January 2022 as a six-year blueprint to accelerate financial inclusion toward broad-based growth and financial resilience.

Under its Digital Payments Transformation Roadmap, the BSP aims to increase the number of Filipino adults with bank accounts to 70 percent and shift 50 percent of total retail transactions to electronic channels by 2023.