The Bangko Sentral ng Pilipinas (BSP) bared its plans to intensify its drive toward financial inclusion, with the central bank governor announcing that it is currently drafting a national program for a more systematic implementation of financial-inclusivity programs.
In a blog authored by the central bank governor, Amando Tetangco Jr., for the Alliance for Financial Inclusion (AFI), the BSP chief said the framework that they are currently drafting will provide a national strategy for the country to push financial inclusion —enjoining other government agencies and the private sector in the cause.
“The BSP prepared an initial draft of the national strategy for financial inclusion, and is in the process of convening relevant stakeholders to discuss the way forward,” the BSP governor said.
“The BSP takes the route to champion financial inclusion and call others to action by spearheading the development of a national strategy. This will provide a framework that will enable the government and the private sectors to take a coordinated, organized and efficient approach toward building an inclusive financial system,” he added. Tetangco further said this national framework will push for an environment that will foster cooperation and coordination with stakeholders.
It is also needed, according to the governor, to avoid duplicating efforts, set a common direction and to ensure the delivery of the action items set in the singular strategy. AFI is a network of financial and monetary officials from developing and emerging countries across the globe, with the aim to increase appropriate knowledge and implementation strategies for financial inclusion —or being able to provide financial access to the low income or rural sectors of the country.
Last year, the BSP was presented with the Maya Declaration by the AFI Global Policy Forum in Trinidad and Tobago for the central bank’s “tangible financial inclusion gains and its public commitment to promote financial inclusion.”
“It is no surprise that the BSP was among the first adopters of the Maya Declaration when it was launched in 2009 during the AFI Global Policy Forum (GPF) in Riviera Maya, Mexico. In our commitment, we made public the strategies which we were putting in place,” Tetangco said.