Digitization Initiatives Discussed by the Financial Inclusion Steering Committee
The Financial Inclusion Steering Committee (FISC), chaired by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno, held its 9th meeting on 06 October 2020 via video conferencing facilities. The FISC meeting, attended by high level representatives from 20 government agencies, is a testament to the whole of government approach being employed to drive financial inclusion in the country.
During the meeting, the FISC agreed to promote digital payments as an imperative for financial inclusion in the new economy, and to collectively shepherd statutory issuances that can liberalize the use of satellite technology and services to address the challenges in internet connectivity.
To further catalyze broader adoption of digital payments among consumers and businesses, the BSP provided an overview of the country’s digital payments landscape and presented the BSP Digital Payments Transformation Roadmap (DPTR). It outlines the BSP’s 3-year priority policy initiatives, including open banking, which aims to shift at least 50% of retail payment transactions to digital, and to have at least 70% of adult Filipinos owning and using a bank account or e-wallet by 2023.
The FISC discussed other initiatives such as harmonization of government efforts to digitize collections and disbursements, payment of private sector wages through transaction accounts, and digitization of the distribution of benefits under the Social Amelioration Program.
The FISC also welcomed its newest member, the Philippine Commission on Women, the primary policy and coordinating body on gender equality. The FISC sees gender as an important dimension of financial inclusion particularly in promoting access and usage of digital financial services for various population segments.
The FISC is committed to enable the delivery of welfare-enhancing and digitally-accessible financial services to all Filipinos.