Philippines to Get Gov’t Agencies to Support National Financial Inclusion Strategyby Fintech News Philippines June 28, 2022
The Malacañang palace, the official residence and principal workplace of the Philippines’ president, has approved a circular institutionalising the whole-of-government support for the implementation of the National Strategy for Financial Inclusion (NSFI 2022-2028).
This also pushes for the adoption of financial inclusion as a development agenda at both the national and subnational levels.
The Memorandum Circular No. 97 directs all government agencies to support the successful implementation of the NSFI by incorporating relevant priority initiatives in the agency work programmes, policies and budgets.
Furthermore, it encourages the Regional Development Councils and the Local Development Councils to adopt financial inclusion objectives, targets and programmes, in line with the NSFI, in their respective plans.
Local government units (LGUs) are also encouraged to promote financial inclusion in their jurisdictions, particularly through, among others, their capacity development programs and provincial development and physical framework plan.
The NSFI 2022-2028 was launched in January 2022 as a shared blueprint to achieve the vision of financial inclusion toward broad-based growth and financial resilience.
“On behalf of the Financial Inclusion Steering Committee (FISC), I thank President Duterte and his administration for this valuable support to the NSFI. The signing of this Circular demonstrates the collective commitment in the government to accelerate financial inclusion in the country.
Financial inclusion is a whole-of-nation undertaking. It is imperative for all of us, government agencies, regional bodies, LGUs, and the private sector, to work together in ensuring all Filipinos can access welfare-enhancing financial services in line with their needs and capabilities,”
said Benjamin E. Diokno, Governor of Bangko Sentral ng Pilipinas.