BSP Deputy Governor Calls for Shift from Financial Inclusion to Financial Health
An opinion piece from Bangko Sentral ng Pilipinas Deputy Governor Bernadette Romulo-Puyat argues that access to financial products is not enough if people do not use, trust or understand them. She sets out concrete steps BSP has taken and plans, relevant to anyone tracking Philippine financial regulation or ASEAN-wide policy coordination.
- The Philippines' National Strategy for Financial Inclusion will be revised into a National Strategy for Financial Health and Inclusion, with a core group developing a separate National Strategy for Financial Education.
- BSP has removed all online gambling links from mobile banking services, e-wallets and digital marketplaces.
- BSP revised bancassurance rules to increase the selection of insurers available to customers.
- BSP has introduced a new annual financial health survey to measure financial well-being nationally.
- As current ASEAN chair, the Philippines is advocating for a common regional financial health framework.