Getting to know Bangko Sentral ng Pilipinas
INVESTING ON THE GO - Iggy Go (The Freeman) - October 1, 2019 - 12:00am

As part of the Bangko Sentral ng Pilipinas’ (BSP) continuing efforts to promote public awareness and understanding of essential economic and financial concepts and issues, the Economic and Financial Learning Center (EFLC) recently conducted public learning sessions, of which I was able to join on the day of my birthday. They do this regularly all over the country.

When I try to recall my younger schooling days, I can only remember being taught the basic principles of savings, and borrowing. But today, BSP even provides learning sessions to teachers, students, government employees, media and basically anyone interested to learn more about financial literacy.

The EFLP also embodies the goal of the BSP to promote economic and financial education among its stakeholders, who can then become more effective partners of the BSP in safeguarding price stability and in ensuring a stronger and safer banking and payments system.

BSP’s Mission is to promote and maintain price stability, a strong financial system, and a safe and efficient payments and settlements system conducive to a sustainable and inclusive growth of the economy.

BSP and Financial Inclusion

Financial inclusion is a state wherein there is effective access to a wide range of financial services for all. Effective access does not only mean that there are financial products and services that are available. These products and services must be appropriately designed, of good quality and relevant to benefit the person accessing the said service. Wide range of financial services refers to a full set of products such as savings, credit, insurance, payments and remittance services for different market segments, particularly those that are traditionally underserved or unserved.

Access to financial services is important for every household and business. Access to basic financial services such as savings, payments and credit can make a positive difference in people’s lives. Financial inclusion carries the potential of improving the well-being of the poor and the growth of micro, small and medium enterprises. In addition, greater financial inclusion can contribute to financial stability and economic development and is critical for achieving inclusive growth.

The BSP enables the development of an inclusive financial system by looking at a holistic approach based on four key areas:

Policy, Regulation and Supervision

The BSP ensures that an enabling policy and regulatory environment is in place through the issuance of various regulations conducive to financial inclusion. The general approach is characterized by openness to innovations and market-based solutions which can have a transformative role in expanding the scale and reach of financial services.

Financial Education and Consumer Protection

The BSP conducts activities aimed at increasing the financial literacy of various targeted audiences and ensuring that financial consumers are protected by issuing standards on disclosure and transparency, fair treatment, effective recourse and privacy of client information. The BSP believes that promoting financial education and consumer protection is a shared responsibility among financial institutions, the BSP and the financial consumers.

Advocacy

The BSP is deeply involved in various projects and activities aimed towards alleviating poverty, contributing to the global fight against money laundering, increasing transparency of monetary policy and improving the financial literacy of the public.

Data and Measurement

There is a need to collect inclusion-relevant information to benchmark, monitor and assess progress. The BSP is stepping up efforts in developing a comprehensive financial inclusion data framework to identify existing gaps and opportunities, and inform evidence-based policy making.

To know more about its programs, visit http://www.bsp.gov.ph/

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Iggy Go, RFP®, REB, is a Public Speaker, Content Producer and  Author of the book “A Lazy Investor’s Way”.

BANGKO SENTRAL NG PILIPINAS
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