To further help the domestic economy recover from the pandemic, the landscape of financial inclusion in the country should be improved.
“Financial inclusion has become a compelling strategy for sustainable growth,” according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno.
He said government efforts to include more Filipinos into the financial system are now bearing fruit as shown partly by the increase in the number of people who now own financial accounts, primarily electronic money (e-money) accounts.
Citing the results of the 2019 Financial Inclusion Survey (FIS), he said account ownership jumped to 29 percent that year from about 23 percent in 2017, or an additional five million people having new accounts.
During the same period, Diokno said formal credit rose from 14 percent to 19 percent; insurance, from 18 percent to 23 percent; and investments, from 23 percent to 25 percent.
He said Filipinos are slowly embracing insurance products “to bolster their financial resilience.”
He said “investments are especially critical to realizing financial inclusion, as these lead to greater market participation and enterprise opportunities.”
“Investments provide people the means to enhance their financial health, as well as to protect their welfare against economic risks and sudden downturns, such as this ongoing pandemic,” he said.