The Philippines retained its high rankings in Asia and the world in the latest global financial inclusion list, according to the 2018 Microscope, a cross-country study which assessed the enabling environment for financial inclusion in 55 jurisdictions.
The Philippines ranked fourth in the world and first in Asia, together with India, in terms of having a conducive environment for financial inclusion. The first three spots belong to Latin American countries, namely Peru, Colombia, and Uruguay.
The report noted that the Bangko Sentral ng Pilipinas “has been ahead of the curve in identifying opportunities and setting guidelines for financial inclusion.”
It recognized that the BSP’s focus on “creating a digital finance ecosystem has led to the introduction of a sound payments infrastructure that helps various financial sector players to reduce their costs and further their outreach.”
According to the report, the top-performing countries demonstrate strong government support and commitment to financial inclusion as evidenced by a national strategy which facilitates coordination among various stakeholders.