Promote inclusive digital finance
Promote inclusive digital finance
Digital technologies can facilitate significant cost-efficiencies and innovation that enable the viable delivery of financial services.
| Initiative | Responsible Entity | Timeline |
| Promote adoption of PhilSys int he financial sector | PSA, BSP, SEC, IC | 2022-2023 |
| Expand digital payment use cases: • interoperable bills payment • government collections and disbursements • cross-border remittances | BSP, PPMI, DBM, DOF, DILG, BTr, COA, PLLO | 2022-2023 |
| Enable digital payments for all community markets and local transportation | BSP, DILG, DOTr, financial institutions | 2022-2023 |
| Develop and implement a regulatory framework for the participation of qualified MFI NGO and cooperatives in the Philippine Payments Management Inc. (PPMI) or another payment system management body | BSP, CDA, SEC, MNRC | 2022-2023 |
| Promote the implementation of an industry sandbox for digital finance innovations | Financial Sector Forum (FSF) | 2022-2024 |
| Promote the adoption of insurtech | IC | 2022-2024 |
| Support the digital transformation of rural financial institutions and other last-mile providers, including MFIs | BSP, SEC, IC, CDA, MNRC | 2022-2024 |
| Push for reforms to fast-track digital connectivity as enabler of inclusive digital finance | DICT, NTC | 2022-2024 |
| Promote shared agent network framework to increase ubiquity and affordability of cash agent services | BSP, financial institutions | 2023-2026 |
| Promote use of alternative data for credit evaluation | BSP, SEC, IC, NPC, financial institutions | 2022-2026 |
| Promote development of interoperable ‘offline’ digital payment solutions | BSP, PPMI, financial institutions | 2022-2026 |
| Expand open finance use cases for mass market implementation | BSP, SEC, IC, CDA, FSF, NPC, PCC, financial institutions | 2022-2028 |
Strengthen financial education and consumer protection
Strengthen financial education and consumer protection
An empowered and capable financial consumer needs to develop the right financial knowledge, skills, and behavior.
| Initiative | Responsible Entity | Timeline |
| Develop and implement a common framework for effective, consistent, and sustainable delivery, monitoring, and evaluation of financial literacy programs focusing on: • foundations of financial health • effective and safe use of DFS • investor protection and education on traditional assets (e.g., bonds, equities) and emerging digital finance products (e.g., virtual assets) • financial consumer rights and consumer assistance mechanisms • managing finances and financing options for MSMEs • insurance for agriculture and MSME sectors | BSP, FinLit partners | 2022-2023 |
| Institutionalize an annual financial education stakeholder conference to sustain consistent adoption of the common framework | BSP, FinLit partners | 2022-2023 |
| Support the immediate passage of the Financial Consumer Protection Act as a comprehensive legal framework for promoting financial consumer protection by all financial service providers | BSP, CDA, SEC, IC | 2022-2023 |
| Strengthen prudential regulation and supervision and market conduct capabilities of financial regulators, including for cybersecurity | BSP, CDA, SEC, IC, MNRC | 2022-2024 |
| Develop innovative platforms for financial literacy training, including online and alternative modes of delivery | BSP, DILG, FinLit partners | 2023-2026 |
| Explore the expansion of deposit insurance for nonbank financial institutions | PDIC, BSP, SEC, CDA | 2023-2026 |
Enhance access to risk protection and social safety nets
Enhance access to risk protection and social safety nets
Well-designed public and private mechanisms can promote financial inclusion and resilience especially in the vulnerable sector.
| Initiative | Responsible Entity | Timeline |
| Convert limited-purpose cash card accounts used for government cash transfer programs into full service transaction accounts | DSWD, DOLE, DILG, LBP, DBP | 2022 |
| Leverage PhilSys to improve registration and payment of social welfare and cash assistance beneficiaries | DSWD, PSA, LBP, DBP | 2022-2024 |
| Adopt digital solutions for social safety net programs to streamline enrollment, contribution payment, and claims and records processing | NGAs, GOCCs, LGUs, SSS, GSIS, Pag-IBIG, PhilHealth, PCIC | 2022-2023 |
| Strengthen social safety net programs and explore establishment of a special government pension program or provident fund for informal sector to incentivize enrollment and consistent premium contribution (e.g., low and flexible premium payments) | DSWD, DOLE, SSS, NAPC | 2023-2024 |
| Promote the development of microinsurance products that cover disaster risk | IC, DOF, DA, PCIC | 2022-2025 |
| Scale up delivery of social housing finance to meet demand for pro-poor and resilient housing | Pag-IBIG, SHFC | 2023-2028 |
| Develop the pension market and establish suitable regulatory framework if needed | DOF, BSP, IC, SEC, GSIS, SSS | 2023-2028 |
Enhance agriculture and MSME financing ecosystem
Enhance agriculture and MSME financing ecosystem
A sustainable financing ecosystem enables and attracts diverse players to serve the agriculture and MSME clients.
| Initiative | Responsible Entity | Timeline |
| Expand Phil Guarantee’s MSME Credit Guarantee Program targeting priority MSME and agriculture segments, including women-owned and women-led enterprises | PhilGuarantee, DOF | 2022-2023 |
| Fast track implementation of RA 11337 (Innovative Startup Act) | DICT, DOST, DTI | 2022-2023 |
| Expand agriculture insurance through private sector participation | PCIC, IC, DA, DAR, DOF | 2022-2023 |
| Develop, enhance, and promote the use of credit risk information support (e.g., Credit Information System, Credit Risk Database) for all financial institutions | BSP, CIC, SEC, CDA, MNRC, financial institutions | 2022-2023 |
| Strengthen the Credit Surety Fund (CSF) as an LGU-based credit enhancement scheme for rural and small and microenterprises | IC, DOF, DA, PCIC | 2022-2023 |
| Ensure effective implementation of the Personal Property Security Act and support passage of law promoting credible warehouse receipts system | DOF, LRA, SEC, BSP | 2022-2024 |
| Strengthen capabilities of rural financial institutions for sustainable and innovative agriculture and MSME lending | BSP, CDA, ACPC, RBAP, MCPI | 2022-2024 |
| Revisit and develop appropriate regulatory framework for development financial institutions and rural financial institutions | BSP, CDA, MNRC, DOF | 2022-2026 |
| Promote agriculture value chain and supply chain financing for MSMEs | BSP, DTI, DOF, SEC, DA | 2022-2026 |
| Promote Islamic financing | BSP, SEC, IC, BARMM | 2022-2026 |
| Increase SME access to capital markets through the SME Board | DTI, DOF, SEC, PSE | 2022-2028 |
| Promote green and sustainable finance that benefits smallholder farmers and MSMEs | BSP, Green Force | 2023-2028 |
| Develop framework and tools for collecting and sharing agriculture and MSME data for credit evaluation | DA, DAR, DTI, BSP | 2024-2028 |
