5
AFI MEMBER SERIES THE PHILIPPINES
FINANCIAL INCLUSION JOURNEY
2000
General Banking Law recognized microfinance as a legitimate banking activity. BSP declared microfinance as its flagship program for poverty alleviation.
Early to mid-2000
Began the mainstreaming of microfinance in the banking sector.
2005
International Year of Microcredit was held in the Philippines. Concept of “access for all” was born.
2007
BSP became the first central bank in the world to establish a unit dedicated to financial inclusion.
2009
Initiated a pioneering regulation on electronic money.
2011
Released the maiden report on the state of financial inclusion in the Philippines, using supply-side data.
2015
Released the baseline demand-side survey on financial inclusion. Launched the National Strategy for Financial Inclusion (NSFI). Launched the National Retail Payment System (NRPS), the BSP’s program for digital finance.
2016
The President of the Philippines signed the Executive Order No. 208, establishing the Financial Inclusion Steering Committee.
2017-18
Started key policy issuances on digital finance, such as regulation on cash agents, branch-lite, and basic deposit account. Launched PESONet and InstaPay, the two (2) priority payment schemes under the NRPS.
