make them an effective pathway for financial inclusion to drive inclusive economic growth.24 Improving access to appropriate financing of agriculture workers and MSMEs, including startups, can help them grow and become more productive toward generating formal employment and livelihood for more Filipinos. Lack of access to finance is a top challenge cited by MSMEs, particularly micro and small businesses, in surveys.25 Addressing this challenge aims to unlock the full transformative potential of the sector in the country.
Strategic objectives These four strategic objectives are identified as the major areas of intervention to achieve desired outcomes and, thus, the financial inclusion vision of inclusive growth and financial resilience for all. 1.
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Promote inclusive digital finance. Digital technologies can facilitate significant costefficiencies and innovation that enable the viable delivery of financial services to the low-income mass market and small enterprises. To fully harness the inclusion and welfare-enhancing potential of digital innovations, we need to put in place a conducive regulatory environment with the necessary digital infrastructure that enable, if not compel, diverse market players to deliver innovative financial services that meet the varying needs and capabilities of the broader population and MSMEs. Digital innovations should improve the customer experience, affordability, and availability of welfare-enhancing financial services beyond accounts and payments.
Monsod, 2017 WB, 2015 and ADB, on-going
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