The document outlines the Philippine National Strategy for Financial Inclusion. It discusses the goals of expanding access to financial services to promote inclusive growth. Key points include: - Over 100 million people in the Philippines, but 1 in 4 considered poor and 50% in the informal sector with limited financial access. - The strategy was launched in 2015 through a multi-stakeholder effort led by the Bangko Sentral ng Pilipinas to coordinate government agencies and private sector. - The vision is for effective access to financial products and services for all through coordination, collaboration, education and improved regulation, policies and data. - Specific initiatives discussed include expanding insurance access through regulation and education on microinsurance products.

1. PHILIPPINE NATIONAL STRATEGY
FOR FINANCIAL INCLUSION
Presentation by:
Shayne Rose R. Bulos
Acting Division Chief
Microinsurance Division
The Third Cha-Ching
Educators’
Conference on
Financial Literacy
Marco Polo Hotel
Ortigas
31 August 2016

2. Philippine National Strategy
for Financial Inclusion
More
success
and
happiness
Well-
informed
choices
Financial
literacy
http://www.ebf-fbe.eu/wp-content/uploads/2015/06/The-Importance-of-Financial-Education.pdf

3. Philippine National Strategy
for Financial Inclusion
Brighter
economy
Inclusive
Growth
Financial
Inclusion
http://www.ebf-fbe.eu/wp-content/uploads/2015/06/The-Importance-of-Financial-Education.pdf

4. Philippine National Strategy
for Financial Inclusion
Projected to be the 16th biggest
economy of the world in 2050
GDP 5.70% (2015-2020)
Home to 103 million people
THE PHILIPPINES

5. Philippine National Strategy
for Financial Inclusion
THE PHILIPPINES
1 out of 4 people is considered “Poor”
50% of the Philippines labor force belongs
to the informal sector
Philippine National Strategy
for Financial Inclusion

6. ACCESS USAGE
36%
12%
unbanked cities and
municipalities
remain unserved
but if we include other financial service
providers…
31.3% adults with a formal
account
11.8%
adults with a loan from
a formal financial
institution
8.5%
share of Overseas
Filipino remittances to
GDP
1.78% share of insurance
premiums to GDP
Savings
Credit
Remittance
Insurance

7. Philippine National Strategy
for Financial Inclusion
Low-income
population
Farmers
Agrarian Reform
Beneficiaries
Fisherfolk
MSMEs
Overseas Filipinos
Youth
Women
Indigenous People
Unserved due to
Religious Barriers
Persons with
Disabilities
Other Marginalized
Groups
The underserved and unserved

8. Philippine National Strategy
for Financial Inclusion
CHALLENGES
Influencing
consumers’
behavior
Multi
stakeholder
involvement
http://www.ebf-fbe.eu/wp-content/uploads/2015/06/The-Importance-of-Financial-Education.pdf

9. Application of Proportionality in Regulations
Influencing consumers’ behavior
Creating
Buying
Power
Shaping
Aspirations
Improving
Access
Tailoring
local
solutions

10. Philippine National Strategy
for Financial Inclusion
Financial inclusion is a state wherein there is
effective access to a wide range of financial
products and services by all.

11. February 2014
BSP Initiated
the NSFI
Process
Regional
Consultations
May 2015
Launch and
MOU Signing
July 2015
Tactical Plans and
Draft EO
December 2015
INTERAGENCY
COORDINATION
Financial Inclusion
Steering Committee
(EO No. 208)
June 2016
NATIONAL STRATEGY FOR FINANCIAL INCLUSION (NSFI)
TIMELINE
Philippine National Strategy
for Financial Inclusion
Philippine National Strategy
for Financial Inclusion
Philippine National Strategy
for Financial Inclusion

12. 1. Bangko Sentral ng Pilipinas (BSP)
2. Commission on Filipinos Overseas (CFO)
3. Cooperative Development Authority (CDA)
4. Department of Agrarian Reform (DAR)
5. Department of Budget and Management (DBM)
6. Department of Education (Dep-Ed)
7. Department of Finance (DOF)
8. Department of Science and Technology (DOST)
9. Department of Social Welfare and Development (DSWD)
10.Department of Trade and Industry (DTI)
11.Insurance Commission (IC)
12.National Economic and Development Authority (NEDA)
13.Philippine Deposit Insurance Corporation (PDIC)
14.Philippine Statistics Authority (PSA) and
15.Securities and Exchange Commission (SEC)
Executive Order No. 208 (2 June 2016)
* BSP Media Release on the EO No. 208: http://www.bsp.gov.ph/publications/media.asp?id=4087
MULTI STAKEHOLDER INVOLVEMENT
FINANCIAL INCLUSION STEERING COMMITTEE

13. Philippine National Strategy
for Financial Inclusion
NSFI (VISION AND STRATEGY)
Coordination
Collaboration
Raising awareness
and understanding
Strategy
Map
POLICY,
REGULATION &
SUPERVISION
FINANCIAL
EDUCATION &
CONSUMER
PROTECTION
ADVOCACY
PROGRAMS
DATA & MEASUREMENT
Financial inclusion
towards broad-based and
inclusive growth
Philippine National Strategy
for Financial Inclusion
Philippine National Strategy
for Financial Inclusion
NSFI VISION & STRATEGY

14. Application of Proportionality in Regulations
STAKEHOLDER COORDINATION
Government
Clients and
other users of
financial
services
Financial
service
providers/
Other service
providers
Support
entities
The implementation of the NSFI is
envisioned as a process of
coordination wherein key inputs
from the key stakeholders and
market players will feed into the
work of other players.

15. Application of Proportionality in Regulations
NSFI Implementation
NSFI, Tactical
Plans, FISC
Implementation
of Tactical Plans
Monitoring and
Evaluation,
Regular Reporting
Review of
Accomplishments,
Tactical Plan
Revisions

16. ADVOCACY
CAMPAIGNS
FINANCIAL EDUCATION &
CUSTOMER PROTECTION
Application of Proportionality in Regulations
POLICY, REGULATION &
SUPERVISON
 Expand the use of
electronic system/SMS in
the distribution and sale
of insurance products
 Promulgate rules on small
claim cases
 Make available wide
range of micro products
 Establish a
Microinsurance Division
 Enhance rules on
marketing and
advertisements
 Insurance literacy
programs
 Implement the
guidelines on
response mechanism
during disastrous
events
 Alternative Dispute
Resolutions
 Microinsurance
Awareness Advocacy
Program
 Formalization of
Informal Insurance
Providers
 Promote
Microinsurance
awards to
encourage/increase
participation of the
stakeholders.

17. Philippine National Strategy
for Financial Inclusion
Philippine National Strategy
for Financial Inclusion
Philippine National Strategy
for Financial Inclusion

18. IMC 9-2006
Microinsurance
Regulation &
Declaration of
Policy Objectives
IMC 01-2010
Regulation for
the Provision of
Microinsurance
Products and
Services
IMC 2015-54
Regulation for the
Provision of
Microinsurance
Products and
Services
3.1 MILLION
(2010)
31.1 MILLION
(2014)
1st regime
2nd regime
3rd regime
Philippine National Strategy
for Financial Inclusion
Philippine National Strategy
for Financial Inclusion
Philippine National Strategy
for Financial Inclusion

19. Application of Proportionality in Regulations
Effective Financial Inclusion
Establish
Proportionate
regulations
Prioritize Customer
Centricity and
Protection
Encourage more
Engagement and
Collaboration
Tap creative tools and
ideas
Explore best practices

20. Application of Proportionality in Regulations
Mutual xchange Forum on Inclusive Insurance (MEFIN) Public – Private Dialogue
Microinsurance

21. Philippine National Strategy for Financial Inclusion
Thank you.