above national and international requirements. in other words, economic opportunities abound across the country today at a time when the financial system is sound, stable and liquid. this is fertile ground indeed for proactive work on financial inclusion. who should be financially included our goal is to mainstream filipinos across the country as regular clients of our financial system, particularly ( 1 ) msmes, ( 2 ) overseas filipinos and their beneficiaries, ( 3 ) agriculture bis central bankers ’ speeches and agrarian reform sectors, ( 4 ) indigenous peoples and cultural minorities, ( 4 ) women, ( 5 ) the youth, ( 6 ) and persons with disabilities. these sectors are typically unserved or underserved by conventional financial service providers. we want to provide effective access to a wide range of financial products and services. this broadly encompasses a multitude of target sectors and inclusion issues. it also indicates the multi - dimensional financial needs of these sectors – needs that can be addressed by a variety of financial service providers and support institutions. what should we do to achieve financial inclusion given a clear vision and target market, the next step is to implement the national strategy for financial inclusion. the nsfi spells out high - level principles and systematic strategies ; guides coordination across government and private sectors ; ensures policy and program cohesion ; and promotes multi - sectoral synergies. in particular, the nsfi lays down precise objectives : ( 1 ) financial products that are diverse, well - designed, suitable and relevant to different market segments ; ( 2 ) providers and business models that are diverse, responsible, responsive and innovative ; and ( 3 ) a citizenry that is financially - learned and adequately protected. the nsfi strategic statements and clear objectives serve as guide to all stakeholders when designing and implementing financial inclusion policies and programs. moving forward to implementation and progress measurement later in the program, the government agencies that crafted the nsfi will sign a memorandum of understanding. these are the agencies that will spearhead the implementation of our nsfi : • department of finance ( dof ) • department of education ( dep - ed ) • department of trade and industry ( dti ) • department of social welfare and development ( dswd ) • department of budget and management ( dbm ) • national economic and development authority ( neda ) • insurance commission ( ic ) • commission on filipinos overseas ( cfo ) • securities and exchange commission ( sec ) • philippine statistics authority ( psa ) • philippine deposit insurance corporation ( pd

##ic ) • cooperative development authority ( cda ) and • bangko sentral ng pilipinas at the same time, we have invited multi - sectoral representatives here today because we believe that you can play a significant role in the successful implementation of our nsfi. ladies and gentlemen, we need your cooperation, collaboration and overall support to ensure that financial inclusion becomes a reality throughout the philippines. equally important, we hope that you will help us in measuring and monitoring the progress of our financial inclusion initiatives. moving forward, we need data to guide and inform us if we bis central bankers ’ speeches are on the right track ; to evaluate if we need to refine our tactical plans ; to help us prioritize our resources ; and to help us calibrate our policies and programs accordingly. indeed, the importance we ascribe to data and measurement is underscored by the simultaneous launch today of the result of our maiden national baseline survey on financial inclusion. the survey, completed this year, showed the following results : • 25 % of filipino adults have never saved, 32 % used to save, and only 43 % presently have savings. • of those with savings, only 32 % save in banks while 68 % keep their savings at home. • 65 % of unbanked adults cited lack of money as the main reason for not having a bank account. • about 47 % of adults have outstanding loans. the main source of borrowing is informal – 62 % borrow from family, relatives or friends while 10 % borrow from informal lenders. • in the past six months, about 44 % of adults sent or received money while 42 % made payments. • only 3. 2 percent of adults have microinsurance coverage. • clients rated themselves as only “ somewhat satisfied ” with how issues were resolved in most financial service access points. the survey results tell us we have a long way to go to achieve financial inclusion. the survey also tells us that there are plenty of opportunities for those looking to expand their business or to introduce game - changing innovations. clearly, we will need broad - based cooperation from local and international institutions to address these gaps. together, i believe we can make substantial gains on our financial inclusion targets. conclusion we look forward therefore to work with you in our journey to achieve inclusive finance that supports inclusive growth. we want to ensure that filipinos across the country are able to identify, gain and prosper from the fruits of economic progress. in particular, we want our people to be