The initiative aims to provide financial support to non-profit organizations, educational institutions, or social startups for addressing developmental gaps.

The report states that financial inclusion policies have a multiplier effect on economic growth.

Bangko Sentral ng Pilipinas 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.

The grant from the French Development Agency is expected to enhance the BSP’s initiatives to empower marginalized sectors in the Philippines by providing them access to financial products and services.

Expanded collaboration will offer outbound and inbound money transfer services through Cebuana Lhuillier mobile app.

The credit rating agency opined that adequate system liquidity, along with sufficient capital buffers, provides enough cushion to navigate the challenges from a subdued operating environment.

The aim of the project is to support SHGs by providing them with business training, production skills and marketing information to empower rural women to adopt non-agricultural means of earning a sustainable livelihood.

The company has announced that it is driving a proof-of-concept in the country which will allow people to make payments in places with low or no internet connectivity.

The Financial Inclusion Index has been conceptualized as a comprehensive index incorporating details of banking, investments, insurance, postal, and the pension sector in consultation with government and respective sectoral regulators.

The measure will promote financial inclusion and literacy especially to those living in rural and underdeveloped areas to ensure equitable access to financial technology.