MICROCAPITAL BRIEF: Philippine Government Institutionalizes Steering Committee to Oversee National Strategy for Financial Inclusion

The Philippine government recently issued an executive order institutionalizing a Financial Inclusion Steering Committee (FISC) to oversee implementation of the country’s National Strategy for Financial Inclusion (NSFI), which was launched in July 2015 to “raise awareness, appreciation and understanding of financial inclusion and enable coordination among various stakeholders.” FISC is chaired by Amando Tetangco Junior, Governor of Bangko Sentral ng Pilipinas (BSP), the Philippines’ central banking authority. Its members include the heads of the Securities and Exchange Commission and the Departments of Finance, Education, Statistics, and Social Welfare and Development, among others.

A statement from BSP reads, in part, “Financial inclusion is important for the Philippines. The country is currently enjoying sustained and high economic growth, but access to financial services remains a challenge.” FISC and various “inter-agency technical working groups” from BSP are responsible for aligning financial inclusion policy and programs and for coordinating stakeholders in their work toward NSFI goals relating to “regulation, financial education, consumer protection, data and measurement, and financial inclusion advocacy.”

By Michelle Dold, Research Associate

About Bangko Sentral ng Pilipinas (BSP)

Bangko Sentral ng Pilipinas (BSP) is the central banking authority of the Republic of the Philippines. Established under the 1993 New Central Bank Act, BSP is headquartered in Manila and operates from three regional offices and eighteen branch offices. In addition to traditional central banking activities, BSP participates in advocacy programs focused on microfinance, financial education and consumer protection. As of December 2015, BSP reported total assets of PHP 4.31 trillion (USD 92.3 billion).

Sources and Additional Information:

[1] Bangko Sentral ng Pilipinas (BSP): “Executive Order Institutionalizes a National Financial Inclusion Steering Committee

[2] BSP: “National Strategy for Financial Inclusion

[3] MicroCapital Universe Profile: Bangko Sentral ng Pilipinas (BSP)

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