The Bangko Sentral ng Pilipinas (BSP) has set up an exhibit recently showcasing local micro, small, and medium enterprises (MSMEs) as part of the Alliance for Financial Inclusion (AFI) 2023 Global Policy Forum (GPF).
The exhibit was held at the Philippine International Convention Center (PICC) from September 12 to 15.
Photo shows (from left) DOT-NCR Regional Director Sharlene Zabala-Batin, DTI Director Marievic Bonoan, AFI Chief Operations Officer Chee Soo Yuen, BSP Deputy Governor Bernadette Romulo-Puyat, Philippine Fiber Industry Development Authority Assistant Secretary Genevieve Velicaria-Guevarra, and Microfinance Council of the Philippines, Inc. (MCPI) Executive Director Allan Sicat during the ribbon-cutting ceremony.
MSMEs play a vital role in the Philippine economy
According to official government statistics, MSMEs have accounted for 99.6% of the total number of business establishments in the country and 36% of the gross value added as of 2021. It also generated about 65% of the country’s total employment.
MSMEs are also strategically positioned to create backward and forward linkages in local communities, making them effective pathways to greater financial inclusion.
BSP Governor Eli M. Remolona, Jr. said the exhibit forms part of the BSP’s efforts to highlight the role of MSMEs under the National Strategy for Financial Inclusion 2022-2028, which promotes inclusive growth and financial resilience.
“The central bank continues to broaden and deepen the reach of financial inclusion to free people from poverty, better their lives, and give them financial resilience,” the BSP chief further stated.
The exhibit drew more than 50 MSMEs from the agriculture and tourism sectors, as well as local artisans and designers.
The central bank mounted the exhibit in cooperation with the Department of Agriculture, Department of Trade and Industry, Department of Tourism, Tourism Congress of the Philippines, Philippine Fiber Industry Development Authority, Microfinance Council of the Philippines, Inc., and other private sector partners.
For her part, BSP Deputy Governor Bernadette Romulo-Puyat, said, “The exhibit highlights inclusivity, which is one of the key objectives of the AFI Forum. It also supports improved MSME operations through digitalization, as most exhibitors have accepted payments through QR codes.”
The AFI GPF is an annual event that explores opportunities to develop and improve national financial inclusion strategies and policies.
The theme for this year’s forum is “Stability, Sustainability, and Inclusivity for Shared Prosperity.”
A long-time financial inclusion advocate, the BSP recognizes digitalization as a tool for financial inclusion. A key BSP program for digitalization and financial inclusion is the Paleng-QR Ph Plus, which promotes the use of digital payments in public markets, public transportation, and other business establishments across the country.
