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May 27, 2024

Palace approves whole-of-gov’t support for national financial inclusion strategy

The Bangko Sentral ng Pilipinas (BSP) has thanked outgoing President Rodrigo Duterte for institutionalizing the whole-of-government support for the implementation and the adoption of financial inclusion as a development agenda at both the national and subnational levels.

Outgoing BSP Governor and Financial Inclusion Steering Committee chairman Benjamin Diokno said the issuance of Memorandum Circular No. 97 by the Office of the President last June 23 demonstrates the collective commitment in the government to accelerate financial inclusion in the country through the National Strategy for Financial Inclusion (NSFI) 2022-2028.

“On behalf of the Financial Inclusion Steering Committee, I thank President Duterte and his administration for this valuable support to the NSFI,” Diokno said.

The circular directs all government agencies to support the successful implementation of the NSFI by incorporating relevant priority initiatives in the agency work programs, policies and budgets.

Further, it encourages the Regional Development Councils and the Local Development Councils to adopt financial inclusion objectives, targets and programs, in line with the NSFI, in their respective plans.

Local government units (LGUs) are also encouraged to promote financial inclusion in their jurisdictions, particularly through, among others, their capacity development programs and provincial development and physical framework plan.

“Financial inclusion is a whole-of-nation undertaking. It is imperative for all of us, government agencies, regional bodies, LGUs, and the private sector, to work together in ensuring all Filipinos can access welfare-enhancing financial services in line with their needs and capabilities,” Diokno added.

The NSFI 2022-2028 was launched last January as a shared blueprint to achieve the vision of financial inclusion toward broad-based growth and financial resilience.