First Metro Asset Management Inc. (FAMI), the fund management arm of First Metro Investment Corp., has added ECPay and GCash as payment channels as response to the call of the Bangko Sentral ng Pilipinas (BSP) for financial inclusion through increased electronic transactions.

Technology is changing the Philippine investment landscape as it brings economic empowerment to more people

“More than the convenience of anytime, anywhere investing, digital transactions have provided FAMI the opportunity to encourage more Filipinos to invest,” said FAMI president Karen Liza Roa.

“Through the digital payment channels, even the unbanked sector can now access a wide range of financial services. This is good news for many Filipinos who dream of financial independence but are not reached by conventional financial infrastructures.”

According to the BSP’s Financial Inclusion Dashboard, the number of cities and municipalities with banking presence in the country has increased by 1.76 percent in the first quarter this year from 1,082 for the same period in 2018. The number of depositors (individual and institutional accounts) has also increased by 31.9 percent to 60.7 million in Q1 2019 from 46 million in Q1 2018.

Though this is a welcome development for the Philippine banking system, it only represents an estimated 22.6 percent of the total adult population with a formal account, which means many still don’t have access to basic financial services.

To promote financial inclusion, the BSP has looked into the use of digital payments such as e-money instruments, to provide financial services to the “unserved and underserved population.”

According to the BSP’s latest figures, the use of e-money has gained traction and popularity among Filipinos. It noted that from 2017 to 2018 active e-money accounts have increased by 132.7 percent.

“Technology is changing the Philippine investment landscape as it brings economic empowerment to more people. The once elusive and exclusive financial services are now within reach through the BSP’s National Retail Payment System (NRPS), which provides direction in carrying out retail payment activities. By adopting digital payment transactions in remitting investments for mutual funds, FAMI has opened a wealth of opportunities to many Filipinos,” Roa said.

FAMI mutual fund investors can add more to their investments by using the GCash app, which can be downloaded from the Apple App Store or Google Play Store. GCash users simply have to choose the “Pay Bills,” select “FAMI” as the biller, and enter the FAMI mutual fund account and amount to be invested.