How about having the freedom to live life the way you want to? According to Pia Arellano, president and CEO of TransUnion Philippines, financial security "involves more than just money," contrary to people's notion that all it takes is "having a large amount of cash."
"Financially secure individuals can cover their monthly expenses, recover from any sudden financial setbacks, and save for the future," she said. "For every Filipino to enjoy the benefits of financial security, we must continue to advance financial inclusion in the country."
Arellano cited recent data from the Bangko Sentral ng Pilipinas that showed 70 percent of adult Filipinos are now banked, saying she sees this as as "milestone" in advancing financial inclusion. In 2021, the rate of banked Filipinos was 56 percent, she pointed out.
Arellano asked what could be done by those in the formal financial sector to ensure more Filipinos enjoy greater access to credit and financial security. She said that this could happen by giving lenders a clearer picture of who their prospective customers are.
"This is where we can help. At TransUnion Philippines, we aim to be more than just a credit reporting agency. We help Filipinos realize their dreams in life through the power of information," she said.
"By drawing from the power of alternative data such as telco data, we can help build trust between institutions and consumers often overlooked or previously excluded from the formal financial system, and work towards making the Philippines a country where everyone enjoys better financial security," she added.