This, in essence, was the message the Bangko Sentral ng Pilipinas (BSP) sent out at the financial inclusion forum it co-hosted with the Department of Labor and Employment (DoLE) on Monday.
“For the BSP, (financial inclusion) starts with ensuring more Filipinos have access to a transaction account — in particular, an account that they can use not only to save money, but also to directly send and receive funds to and from anyone; in other words, an account that can be used for digital payments,” BSP Governor Benjamin Diokno said.
“This is why our financial inclusion and digital payments agenda necessarily go hand-in-hand. One is both an enabler and a requisite for the other,” he added.
The forum focused on promoting awareness on the central bank’s financial inclusion initiatives and its impact on the labor sector and workers’ welfare. In particular, the event urges the wage earners to have their own transaction account which allows them enjoy the benefits of the financial system.
Diokno noted the rapid pace of digital innovation and the rapid pace at which new technology in general is adopted by the population.
“Digitalization is rapidly and significantly transforming the way we do things in so many aspects of our lives. We are now able to shop, book a vacation adventure, get a cab, sell goods, watch a movie, wherever and whenever, without having to leave the house and stepping into a physical store,” Diokno said.