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FinTech supports PH government’s shared prosperity vision

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Fintech joins 25 Philippine Business Groups (PBS) in holding the Convocation for Shared Prosperity in support of the government’s agenda of shared prosperity embodied in “Ambisyon Natin 2040” amidst the COVID-19 pandemic.  A manifesto of support will be presented via Zoom and Facebook live at 12 noon on November 5, 2020. The event will be attended by the top business leaders in the country today with Ayala Group Chairman and CEO Jaime Augusto Zobel de Ayala,  SM Prime Holdings Executive Committee Chairman Hans Sy, and Securities and Exchange Commission Chairman Emilio Aquino.

“AmBisyon Natin 2040” is a collective long-term vision and aspirations of the kind of life that the Filipino people want for themselves and for the country in the next 25 years. It is the result of a long-term visioning process that began in 2015 guided by the National Economic Development Authority (NEDA) and an advisory committee composed of government, private sector, academe and civil society. More than 300 citizens participated in focus group discussions and close to 10,000 answered the national survey.   

AmBisyon Natin 2040 pictures Filipinos to be enjoying a strongly rooted, comfortable, and secured life by the year 2040. The NEDA statement says that in 2040, we will all enjoy a stable and comfortable lifestyle, secure in the knowledge that we have enough for our daily needs and unexpected expenses, that we can plan and prepare for our own and our children’s future. Our family lives together in a place of our own, and we have the freedom to go where we desire, protected and enabled by a clean, efficient, and fair government.

That picture is still a distant dream, far from the realities at present. The Philippines, like many other countries around the world, is suffering from gross inequality in economic and financial terms, social, environmental political aspects fueled by greed and unethical practices and greatly affects the poor and marginalized in society. Abject poverty is even aggravated by the COVID-19 pandemic. It has impacted the very foundation of society and economy. Many fear for their lives, not only from the disease but from hunger and starvation.

“We should mobilize our human, technical, economic and financial resources to address this inequality and restore human dignity. No one should be left behind”, said Lito Villanueva, Fintech chairman and RCBC executive vice president and chief innovation and inclusion officer.

Colleges and universities offering business and business-related courses are also encouraged to instill and highlight among their students the values of sharing prosperity.

The PBG Manifesto includes a six-point pledge and commitment to help achieve the goal of shared prosperity by 2040.

  1. Recruit, train and develop our employees and managers to be the best that they can be irrespective of gender, alma mater, age, ethnicity, and religion; provide just compensation and benefits; promote meritocracy and encourage work-life harmony;
  1. Provide only quality products and services that are of continuing value to our customers;
  1. Treat our goods, service and funds providers fairly, ethically and with respect as we expect them to treat their own workers in their supply chain the same way;
  1. Be actively involved in the communities where we operate in with particular attention to the needs of the disadvantaged in those communities;
  1. Protect and preserve the environment for the benefit of current and future generations by employing environment-friendly technologies in all aspects of business operations; and
  1. Deliver reasonable and just returns to and fair treatment of our controlling and non-controlling shareholders.

The vision will not happen overnight. It takes a collective effort both from the government and private sectors to lay down the foundation of attaining the prosperous Philippines by 2040. The Philippine Business Groups (PBGs) commit to do their role in making “Ambisyon Natin 2040” a reality.  It is a vision of the Philippines being a country that is free from hunger and poverty, has equal opportunities, enabled by a fair and just society that is governed with order and unity. A nation where families live together, thriving in vibrant, culturally diverse, and resilient communities.

Fintech is an industry interest group comprised of leading digital and Fintech companies that believe in the enormous opportunity through continuous engagement in building and expanding a sustainable digital finance ecosystem. Its actions and impact must redound to the benefit of every Filipino, especially those in the bottom of the pyramid.

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