growth in the investment market. the key is to fortify the foundations that will facilitate entry into the formal financial system. this will encourage active participation, and in turn serve as building blocks for a robust investment market. in recent years, the bsp has taken the necessary steps to ensure that it will be easier for filipinos, especially the unbanked and underserved, to be financially included by leveraging on technology. as you can see from the slide, we have three regulatory initiatives serving as pillars of the 1 / 4 bis central bankers'speeches inclusive digital finance ecosystem, namely : ( 1 ) democratization of account ownership ; expansion of networks of low - cost touchpoints ; and ( 3 ) efficient retail payment system. allow me to discuss each one. democratization of account ownership it is essential to ensure that anyone, regardless of economic or social standing, is capable of owning a transaction account. a transaction account serves as the gateway to financial services. with it, a user can store funds and electronic payments then eventually avail of more products such as credit, insurance, and investments. in fact, we issued the policy on the no - frill basic deposit account ( bda, circular 992 ). the bda framework eases requirements of account ownership by reducing opening costs, eliminating maintenance fees, and paring down documentary requirements to the bare minimum. likewise, our amendments on anti - money laundering rules aim for wider adoption of streamlined and risk - based kyc procedures. bsp - supervised financial institutions ( bsfis ) can offer a restricted account to micro - entrepreneurs and informal sector workers without a primary id card. amendments also allow reduced, deferred, and technology - based kyc ; thus expediting onboarding of the unbanked. expansion of networks of low - cost touchpoints complementing these efforts is the expansion of networks of low - cost touchpoints. our policy on cash agent operations ( circular 940 ) enable accredited third - party establishments, such as pharmacies and convenience stores, to perform basic banking operations. these function as familiar and highly accessible transaction channels, as well as bridge cash - based and digital transactions. there is clearly public appetite for account ownership – bda ownership as of first quarter 2020 increased to 4. 64 million from 428, 000 in 2018. during the pandemic, over 4 million new accounts were opened via digital platforms, along with new online sign - ups and app downloads for digital financial services ( dfs

benjamin e diokno : the role of investments in reshaping the future of financial inclusion in the country speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the pru life uk online investment briefing, 22 october 2020. * * * to the agents, stakeholders, and partners of pru life uk investments, congratulations on your first anniversary. the theme : “ the role of investments in reshaping the future of financial inclusion in the country ” could not be more timely. while it remains a vital means to uplift people ’ s welfare and provide social protection, financial inclusion has become a compelling strategy for sustainable growth. investments are especially critical to realizing financial inclusion, as these lead to greater market participation and enterprise opportunities. today, let me share with you recent developments, as well as insights on the way forward, in promoting financial inclusion in the country. i hope that officers and clients alike of pru life uk investments will be able to ponder and capitalize on the prospects offered by these developments. the early groundwork for an inclusive financial system has borne fruit. in fact, as you can see on the slide, our pre - pandemic findings have shown developments that can serve as precedent for a more significant positive movement in the long - term and aid in post - pandemic recovery. based on our 2019 financial inclusion survey ( fis ), account ownership increased to 29 % from 23 % in 2017. the six - percentage point increase translates to 5 million new accounts in just two years. among the poorest, account ownership hit 27 %, closer to the national average and nearly double the 14 % previously reported. e - money accounts drove the overall growth in account ownership, increasing to eight percent from a mere one percent. account usage more than doubled to 39 % from 18 %. uptake of other financial services also increased in the same two - year period of 2017 – 2019 : formal credit rose to 19 % from 14 % ; insurance to 23 % from 18 % ; and investment to 25 % from 23 %. there is also an increasing appreciation for insurance as more filipinos avail of it to bolster their financial resilience. but much still needs to be done to get more filipinos into investing. seventy - five percent or 54 million of filipinos do not have investments. while this figure may be disappointingly low, it shows, however, immense room for