Benjamin E Diokno: Launch of the National Strategy for Financial
Inclusion 2022-2028
Message from Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central
bank of the Philippines), at the Launch of the National Strategy for Financial Inclusion 2022-2028
and Financial Inclusion Logo, Manila, 27 January 2022.
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To the members of the Financial Inclusion Steering Committee or FISC; key stakeholders and
partners; financial inclusion advocates and champions; members of the Monetary Board;
esteemed colleagues and guests; ladies and gentlemen: good afternoon. It is my privilege to
welcome you all to the launch of the National Strategy Financial Inclusion 2022-2028.
When we launched the original National Strategy for Financial Inclusion or NSFI on July 1, 2015,
we set out to define what financial inclusion meant in the Philippine setting.We laid out the
fundamental principles that would guide our vision and action in bringing more Filipinos into the
formal financial system.
We take pride in knowing that through the guidance of the FISC and the contributions of our
stakeholders, much has been accomplished in nearly seven years of NSFI
implementation.Together, we have enhanced the breadth and depth of our outreach to the
unbanked and underserved through several initiatives.
These initiatives have been instrumental in broadening access to essential financial products and
services and, in turn, have uplifted lives by giving the poor the means to protect and grow their
livelihoods, improve their well-being, and ultimately, take greater control of their future.
Through our efforts, having a transaction account, obtaining a loan, investing, and purchasing
insurance, are now more accessible to the man on the street, market vendor, tricycle driver,
farmer, fisherman, and sari-sari store owner.
We have also set the pace for innovation and other critical undertakings, including the
implementation of the national ID system or PhilSys, as well as the digitalization of social
protection benefits and financial services to the public.
However, 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.Access to financial products and services must not only be broad, but also
meaningful in a sense that it opens up opportunities for the man on the street to move up in life.
While account ownership grew over the last 4 years from the launch of the NSFI in 2015, the
2019 Financial Inclusion Survey showed that 71% or an estimated 51 million remain unreached
by the formal financial system.
With these realities and other significant developments transforming the country's financial
inclusion landscape, our vision and strategy must evolve to reflect new exigencies, demands,
and opportunities.
The NSFI 2022-2028 signifies our greater collective commitment and aspiration for a more
financially included and empowered citizenry. It takes a deliberate stance to address the
significant disparities in financial inclusion levels across demographics and segments.
The NSFI 2022-2028 emphasizes financial inclusion to enhance consumer welfare and features
financial resilience as a centerpiece of our renewed vision.It outlines a strategic governance
framework, through which a broader set of stakeholders can be tapped as a driving force of the
Strategy's implementation and, thus, truly foster a whole-of-nation approach.
By articulating concrete desired outcomes, priorities, performance indicators, and targets, this
landmark document will not only serve as a financial inclusion blueprint for the next six years, but
also as powerful tool for communicating our bold commitment to the financial inclusion agenda.
At this point, I would like to thank and commend my fellow FISC members and our stakeholders
for your recognition of financial inclusion as an essential component of our country's
development master plan. Your contributions have truly been invaluable to the development of the
NSFI 2022-2028.
The effective implementation of the NSFI 2022-2028 will, of course, rely on everyone's
unwavering dedication and zeal. We must work to ensure all Filipinos can thrive and prosper in
an ever-evolving landscape. This is also why we chose the social media hashtag #KabilangAko,
to send a clear message that no one will be left behind.
Finally, today's launch merely heralds the continuation of our financial inclusion journey, one that
is to be pursued with even greater purpose: to open opportunities for every Filipino to become
both the beneficiaries and foundations of growth and prosperity.We look forward to being with
you on this journey.
Thank you again for joining us on this momentous occasion as we unveil the NSFI 2022-
2028. Maraming salamat at mabuhay! #