The Bangko Sentral ng Pilipinas (BSP) is pushing on two fronts of its financial inclusion agenda: bringing more young Filipinos into the formal financial system while strengthening enforcement against financial account scams.
More than 200 students opened their first transaction accounts during a Youth Financial Inclusion (YFI) Initiative onboarding activity at the University of Southern Mindanao (USM) in Kabacan, Cotabato on January 30, marking the latest leg of the BSP-backed program aimed at expanding access to basic financial services among the youth.
The activity, organized by student-led YFI Ambassadors in partnership with the central bank, featured sessions on personal finance management, the central bank’s digitalization push, and the role of financial inclusion in community development.
Participating financial service providers also introduced savings and loan products designed for students, as well as digital tools for easier transactions.
The Cotabato onboarding is the third in a series, following earlier runs in Southern Leyte and Cavite in 2025. The initiative comes at a critical time: available data show that only about three in 10 Filipinos aged 15 to 19 currently have a financial account.
Launched in January 2025, the YFI initiative is led by the Financial Inclusion Steering Committee chaired by the Bangko Sentral ng Pilipinas and is designed to make transaction accounts a gateway to broader financial services and economic opportunities for young Filipinos.
Crackdown on scams
Photo shows (from left): Cybercrime Investigation and Coordinating Center (CICC) Director Alvin M. Navarro, CICC Executive Director Renato A. Paraiso, Bangko Sentral ng Pilipinas (BSP) General Counsel Roberto L. Figueroa, and BSP Director Alain Bert G. Regis
While expanding access, the central bank is also moving to protect new and existing account holders from fraud.
On February 20, the Bangko Sentral ng Pilipinas signed separate information-sharing agreements (ISAs) with the National Bureau of Investigation, the Cybercrime Investigation and Coordinating Center, and the Securities and Exchange Commission to support investigations into financial account scams.
Representing BSP Governor Eli M. Remolona Jr., BSP General Counsel Roberto L. Figueroa signed the agreements at the BSP head office in Manila, together with NBI Acting Director Angelito DLP. Magno, CICC Executive Director Renato A. Paraiso, and SEC Chairperson Francisco ED. Lim.
Photo shows (from left): National Bureau of Investigation (NBI) Head Agent Palmer U. Mallari, NBI Acting Director Angelito DLP. Magno, BSP General Counsel Figueroa, and BSP Director Regis.
“These agreements will not be measured by the document itself, but by its execution — by investigations strengthened, cases resolved, risks mitigated, and harm prevented,” Figueroa said in his welcome message.
BSP Deputy Governor and AFASA Technical Working Group Adviser Elmore O. Capule added that sustained coordination among agencies will be key to reinforcing the resilience of the financial system and protecting the public from exploitation.
Photo shows (from left): Securities and Exchange Commission (SEC) Commissioner Rogelio V. Quevedo, SEC Chairperson Francisco ED. Lim, BSP General Counsel Figueroa, and BSP Director Regis.
Under the ISAs, the BSP’s Consumer Account Protection Office may now lawfully share information on financial accounts linked to scams with partner agencies, in line with the Anti-Financial Account Scamming Act (AFASA) and BSP Circular 1214.
The arrangements are intended to help the NBI and CICC build cases involving scam-related offenses and enable the SEC to access data relevant to its regulatory and adjudicatory functions.
The BSP stressed that all information-sharing will be subject to strict safeguards on bank secrecy and data privacy.
Building trust through access and protection
Taken together, the youth onboarding drive and the new inter-agency agreements underscore a dual strategy: widening access to financial services while tightening controls against abuse.
As more students open their first accounts through the YFI initiative, the BSP said the parallel strengthening of enforcement mechanisms is meant to ensure that financial inclusion is matched with consumer protection — laying the groundwork for a safer and more inclusive digital finance ecosystem in the Philippines.
