Aquino signs law institutionalizing financial inclusion committee

President Benigno Aquino III has signed into law institutionalizing the Financial Inclusion Steering Committee (FISC), the governing body to implement the government's National Strategy for Financial Inclusion (NSFI).

Under Executive Order No. 208 signed by Aquino on June 02, 2016, the FISC has been mandated to provide strategic direction, guidance, and oversight of the NSFI.

The Bangko Sentral ng Pilipinas (BSP) said the NSFI serves as a guidepost for public and private sector stakeholders to systematically accelerate financial inclusion in the Philippines.

The NSFI defines the national vision for financial inclusion and provides a platform for public and private sector coordination to ensure synergy of efforts.

Meanwhile, the FISC is tasked to align various financial inclusion related policies and programs and monitor the progress of these, and collaborate with public and private sector stakeholders on various agenda.

"The issuance of the EO represents another milestone in the country's efforts to establish a financial system that benefits all Filipinos, regardless of socio-economic status, and thereby contribute to inclusive growth and development," the central bank said in an emailed statement.

Chaired by BSP Governor Amando Tetangco Jr., members of the FISC include the heads of the Departments of Finance, Education, Trade, Social Welfare and Development, and Budget; National Economic and Development Authority (NEDA); Insurance Commission (IC), Commission on Filipinos Overseas; Securities and Exchange Commission; Philippine Statistics Authority (PSA); Philippine Deposit Insurance Corp. (PDIC); and the Cooperative Development Authority.

"Heads of other agencies may be invited as FISC members as necessary," the BSP said.

Data from the BSP shows that around 12 percent of the 1,634 municipalities spread over the country still have no access to a bank or other types of financial service providers.

"Financial inclusion is important for the Philippines. The country is currently enjoying sustained and high economic growth but access to financial services remains a challenge," the BSP said. —ALG,GMA News