Dutch queen lauds PH financial inclusion drive

The Philippines again received commendations from Queen Maxima of The Netherlands, who also serves as United Nations Secretary General’s Special Advocate for Inclusive Finance and Development, in step with the updating of the National Strategy for Financial Inclusion (NSFI).

First launched in July 2015 as part of efforts to attract more Filipinos into the banking and financial system and direct them away from loan sharks, the NSFI got a refresh on Friday in order to adapt to changes shaped mainly by new technologies and the disruption of the COVID-19 pandemic.

Financial inclusion means that individuals and groups are “included in society” by having access to financial products and services regardless of their income or savings.

“The NSFI 2022-2028 signifies our greater collective commitment and aspiration for a more financially included and empowered citizenry,” BSP Governor Benjamin Diokno said during the launching rites held online.

Diokno said the NSFI was focused on delivering four outcomes—reduced disparities in financial inclusion; improved health and resilience; more financially capable and empowered consumers; and increased access to finance by micro, small and medium enterprises or MSMEs, including startups, and the agriculture sector.

The BSP chief said the updated strategy also emphasizes financial resilience as a lens for the country’s financial inclusion work, recognizing that many Filipinos—especially the poor—are facing increased vulnerabilities from the health crisis, climate change and inevitable shifts in the economic and labor situation.