The national government is pursuing bolder moves to ensure more unbanked and underserved Filipinos will be on-boarded into the formal financial system in the next six years, and the FinTech Alliance.PH remains committed to bolster the government’s strategy. 

In a hybrid live and online event to launch the Philippines’ National Strategy for Financial Inclusion (NSFI) 2022-2028, the Bangko Sentral ng Pilipinas (BSP) highlighted key strategies to make sure inclusive finance will be sustainable in the coming years. The NSFI 2022-2028 is focused on delivering four key outcomes, namely reduced disparities in financial inclusion, improved financial health and resilience, more financially capable and empowered consumers, and increased access to finance for mSMEs, including startups, and the agriculture sector.

As one of the country’s premiere think-tanks advocating for inclusive digital finance, the FinTech Alliance.PH supports the BSP’s efforts by empowering its member financial institutions to continue developing innovative products and services that are aligned with the central bank’s twin goals of digital acceleration and financial inclusion. More than 90 percent of digital finance transactions done in 2021 were facilitated by products and platforms launched by Alliance members.

“We welcome this new chapter in our country’s financial inclusion journey. Every Filipino deserves to be able to freely and sustainably make financial transactions to uplift their lives. The Alliance continues to support the BSP in making this happen not only through the digital channels Alliance members have developed in recent years, but also in broadening the collaborations and strategic partnerships we have established,” said Lito Villanueva, Founding Chairman of the FinTech Alliance.PH

In his speech to stakeholders and fellow members of the Financial Inclusion Steering Committee (FISC), BSP Governor Benjamin Diokno lauded the positive impact of its collaborative efforts with private institutions in making banking and many other financial services more accessible to every Filipino. He also acknowledged the enormity of the task at hand, which the new strategy hopes to accomplish.

“There is more work to be done. The paramount vision of financial inclusion after all is to foster sustainable, broad based growth that promotes shared prosperity and opportunities,” Diokno said.

Her Majesty Queen Maxima of the Netherlands, UN Secretary-General’s Special Advocate for Inclusive Finance for Development, and Honorary Patron of the G20 Global Partnership for Financial Inclusion or GPFI, expressed admiration of the country’s pioneering efforts in financial inclusion, focusing on resilience and financial health.

“Financial inclusion is not a standalone issue, but closely linked with numerous SDGS such as gender equality, and combatting climate change. Our efforts including the private sector should therefore be guided by this thinking,” H.M. Queen Maxima of the Netherlands said.

“This occasion highlights the importance of a financial system that is pro-growth and pro-poor to reduce income inequality,” said Philippine President Rodrigo Duterte.

The newly launched strategy follows the previous national government strategy for financial inclusion which started in 2015.

Because of this, Rizal Commercial Banking Corporation’s (RCBC) DiskarTech and Carl Balita Review Center (CBRC) inked a partnership to provide alternative livelihoods to reviewers as a response to the increasing unemployment rate in the country. The partnership was done during the Philippine Chamber of Commerce and Industry – Quezon City general membership meeting.

“We are committed to continuously expand our services to reach all Filipinos who are in dire need of means to earn for their families. DiskarTech is here to offer alternative livelihood opportunities to Filipinos in order for them to survive during this pandemic,” said Lito Villanueva, executive vice president and chief innovation and inclusion officer.

DiskarTech is the first Taglish inclusion super app in the country. It aims to help create a sustainableand inclusive digital economy focusing on enabling and empowering Filipinos in alignment with the government’s National Strategy for Financial Inclusion and National Retail Payments System.

The DiskarTech app provides digital financial services, and offers opportunities for additional income streams to its users through its referral incentive program and “paki-suyo” services or features transacted on behalf of others. These include bills payment, cash in and withdrawal, fund transfers, top-up of electronic load and gaming pins, sachet insurance, telemedicine products., and soon even loans.

“Our group is excited to provide DiskarTech services to all the members of CBRC. This partnership will surely help our members become more financial savvy and achieve their dreams for their families. We are committed to be a strategic partner in promoting financial education and digital literacy through DiskarTech,” shared Carl Balita, CBRC CEO.

This partnership will benefit members and reviewers from the 120 branches of CBRC nationwide.

With the continuous increase of app downloads in the past three months, around three million Filipinos are expected to receive DiskarTech services by the end of this year.