{"id":38301,"date":"2015-01-12T19:08:51","date_gmt":"2015-01-12T11:08:51","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=38301"},"modified":"2015-01-12T19:08:51","modified_gmt":"2015-01-12T11:08:51","slug":"bsp-to-fasttrack-financial-inclusion-efforts","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/01\/12\/bsp-to-fasttrack-financial-inclusion-efforts\/","title":{"rendered":"BSP to fasttrack financial inclusion efforts"},"content":{"rendered":"
\"Bangko<\/a>
Bangko Sentral ng Pilipinas (Central Bank of the Philippines). Wikipedia photo<\/figcaption><\/figure>\n

MANILA \u2013 The Bangko Sentral ng Pilipinas on Monday said that they are working on fasttracking their efforts to decrease the number of unbanked population.<\/p>\n

\u201cFinancial inclusion is a strong advocacy of the BSP… To tie the BSP efforts with those of other government agencies and the private sector, we are now working on a National Financial Inclusion Strategy, which we hope to launch this year,\u201d said BSP Governor Armando Tetangco.<\/p>\n

Recently, the Central Bank started an Inclusive Finance Steering Committee that will help them come up with said strategy.<\/p>\n

Financial inclusion national strategies are often used by economies to improve the reach of financial services. This, in turn, pave way for more economic activities especially in far-flung areas.<\/p>\n

BSP is always trying to push for financial inclusion. In 1997, the bank developed the National Strategy for Microfinance that increased financial services providers.<\/p>\n

\u201cOur adoption of the principle of proportionate regulation has encouraged an operating environment where innovation can flourish, which capitalizes on technology, and enables market-based solutions. This operating environment has resulted in a greater reach in previously unbanked areas,\u201d said Tetangco.<\/p>\n

He added, \u201cFor instance, with alternative access points such as microbanking offices and other financial service providers including e-money agents, pawnshops, remittance agents and money changers, the percentage of cities and municipalities that remains unserved is now down to 12.6 percent from 37 percent at end-2012.\u201d<\/p>\n

Tetangco further noted out that the regulations established by BSP helped in catering the needs of small savers and businesses.<\/p>\n

Meanwhile, the BSP also has learning activities in some of the provinces in the country as well as information campaigns overseas.<\/p>\n

\u201cOur financial education campaigns cover specific needs of students, professionals and families of OFWs (overseas Filipino workers),\u201d Tetangco stressed.<\/p>\n

Moreover, BSP has made use of a formal consumer protection framework for banks.<\/p>\n

\u201cThe Economist Intelligence Unit (EIU) named the Philippines as the top country in Asia and third in the world with the most conducive environment for financial inclusion,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

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