MICROCAPITAL BRIEF: Philippines Moving Toward New Effort to Promote Financial Inclusion, Education in Rural Areas

The Committee on Rural Development of the Philippines’ House of Representatives recently approved a bill that would implement a “financial and digital literacy program” to boost access to financial services – including technology (fintech) – particularly for fishermen, informal workers, farmers and other people living in rural areas. The program would deliver content on financial concepts and how to apply them via partnerships with financial institutions. The bill also includes a capacity building component to promote the usage of fintech within rural financial institutions.

Alfred De Los Reyes, the Vice Chair of the Committee, said the proposal “addresses issues on financial awareness, trust, inclusion and access. This bill aims to empower Filipinos to be more financially stable and capable to pursue personal and economic development.”

By Divya Deshmukh, Research Associate

Sources and Additional Resources

Philippines News Agency article
https://www.pna.gov.ph/articles/1149850

Additional MicroCapital content on financial education
https://www.microcapital.org/?s=%22financial+education%22

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