Digital Banking Spurs Financial Inclusion in Philippines

Source: Philstar Global

The establishment of digital banks in the country is expected to boost the government’s financial inclusion objectives, according to the Bangko Sentral ng Pilipinas (BSP).

In a webinar organized by the Management Association of the Philippines, BSP Governor Benjamin Diokno said the establishment of a digital banking framework is particularly relevant as billions of people affected by the pandemic are driving a historic and dramatic shift in consumer behavior.

Diokno said digital banks in the country could advance financial inclusion by providing affordable financial services to the mass market and at the same time usher prosperity and alleviate poverty.