The Bangko Sentral ng Pilipinas (BSP) recently underscored the importance of data and digital tools for evidence-based policy-making during the virtual closing ceremony of the 35th National Statistics Month (NSM) held last October 29.
Under the theme, “Advancing Data and Statistics Through Digital Transformation: A Road to an Empowered Nation,” the BSP advocated a digitally forward approach in policy and data management.
“This theme aligns with BSP’s commitment to go ‘digitALL,’ enhancing systems to produce quality data for stakeholder needs,” said BSP Deputy Governor Francisco G. Dakila, Jr., speaking for BSP Governor Eli M. Remolona, Jr.
Philippine Statistics Authority (PSA) Undersecretary Claire Dennis S. Mapa added, “Data-driven decisions are key to a more prosperous and equitable nation.”
The event featured discussions on digital payments, real property trends, and the nation’s financial health, underscoring the BSP’s long-standing support of reliable statistics for policy-making.
Except in 2020 during the height of the COVID-19 pandemic, the BSP has been leading the NSM closing since 2001, celebrating statistics’ vital role under Presidential Proclamation No. 647, which declares the month of October of every year as National Statistics Month.
BSP, fintech leaders cite role of data and statistics in financial inclusion
As the Philippines celebrates the 35th National Statistics Month (NSM), fintech leaders and policymakers highlight the pivotal role that data and statistical insights play in driving financial innovation and inclusion.
Since its inception in 1990, NSM has promoted data literacy and elevated the importance of high-quality statistics across sectors, including fintech, which increasingly relies on data-driven strategies to enhance financial services.
Established by Presidential Proclamation No. 647 under then-President Corazon C. Aquino, NSM was created to foster a deeper appreciation of statistics and encourage public participation in advancing data quality.
The annual observance has since evolved, focusing on building an empowered nation by encouraging data accessibility and accuracy for more effective policymaking and industry practices.
For the fintech sector, the NSM’s initiatives are particularly significant.
As fintech continues to expand in the Philippines, from digital banking to e-wallet services, robust statistical data has become essential for informed decisions that shape product offerings and customer engagement.
Access to comprehensive, timely, and accurate statistics enables fintech firms to understand consumer behavior, adapt to market trends, and deliver accessible financial solutions, particularly for underbanked populations.
Data quality, public cooperation to impact financial inclusion
According to a 2021 Financial Inclusion Survey of the BSP, only 36% of Filipino adults own investment products. This data underscores the need for more accessible financial education for the workforce, particularly those who may not have had formal training in personal finance.
Prominent voices in fintech also emphasize that data quality and public cooperation in data improvement directly impact financial inclusion efforts.
For instance, well-maintained statistics on economic conditions and digital adoption rates allow fintech companies to develop products that address specific market needs, like micro-loans, low-cost remittance services, and real-time payment solutions.
NSM’s impact also reaches regulatory agencies, helping them craft policies that align with evolving digital finance needs. The Philippine Statistics Authority (PSA) and Bangko Sentral ng Pilipinas (BSP) work to create a regulatory environment that supports fintech growth while protecting consumer data, in line with the NSM’s goals of fostering cooperation and data transparency.
Each October, NSM brings together government agencies, the private sector, and educational institutions, creating a collaborative platform to address statistical challenges and elevate data literacy. For fintech players, NSM underscores a commitment to evidence-based strategies, using data to fuel innovation and craft solutions that are both impactful and sustainable.
As the fintech industry continues to reshape the financial landscape, National Statistics Month serves as a reminder of the vital role that reliable, high-quality statistics play in promoting financial resilience and inclusion.