Earlier last week, a team of experts from the Bangko Sentral ng Pilipinas (BSP) joined Her Majesty Queen Máxima of the Netherlands and the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), on a series of field visits in Rizal province.
BSP Deputy Governor Bernadette Romulo-Puyat (pictured on the left) greets Her Majesty Queen Máxima of the Netherlands and also the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), during her visit to the Binangonan Port in Rizal province on 21 May 2024. Also present are Rizal Province Governor Nina Ricci Alcantara Ynares-Chiongbian (middle, in black shirt) and Rizal 1st District Representative Michael John “Jack” Duavit (middle, in white shirt).
“The BSP is honored to have been a part of this initiative that highlights the importance of financial inclusion and financial health in promoting economic growth and improving the lives of individuals in underserved communities,” said BSP Deputy Governor Bernadette Romulo-Puyat.
The Queen’s visit to a local fishing community
Queen Máxima engages with members of the fishing community in Talim Island.
Queen Máxima visited a local fishing community on Talim Island, where she observed the positive impact of digital financial services provided by a microfinance-oriented rural bank on the community’s income and financial well-being.
This rural bank works closely with an insurance company to offer customer-centric products and services to underserved communities.
During her visit, Queen Máxima stressed the importance of access to credit and a broad range of insurance products in maintaining economic stability and progress for the residents.
Leonel Alviso, a local fisherman, shared his experience with the rural bank’s digital financial services, noting that access to credit has allowed him to grow, invest, and increase his income. He also mentioned the availability of five types of insurance, including hospitalization insurance.
For her part, Rosalyn Nido Villaflor, a cash agent, emphasized the importance of having cash agents on the island, enabling residents to conduct transactions locally without having to travel elsewhere.
Queen Máxima discusses with representatives of a microfinance-oriented rural bank the range of financial services offered by the bank to meet the needs of its clients.
The Queen’s visit to GrowSari
Queen Máxima also visited GrowSari, a digital platform that offers affordable loans, fast inventory delivery, and services such as bill payments, ticket purchases, and mobile phone top-ups.
Aubrey Udag, a GrowSari client, discussed with the UNSGSA how GrowSari’s efficient ordering process, delivery services, and payment options have significantly enhanced her business’s profitability. These services have enabled her to expand her operations and open a second store. She also shared her aspiration to open a new store in Zambales province and to provide a sustainable income opportunity for her seafarer husband so he can stay closer to home.
Queen Máxima’s three-day visit to the Philippines highlights the importance of inclusive finance for sustainable development, a key advocacy of the BSP.
The UNSGSA previously visited the Philippines from June 29 to July 1, 2015, and attended the launch of the original National Strategy for Financial Inclusion (NSFI). The NSFI is the principal document outlining the country’s vision for financial inclusion.
In January 2022, the BSP launched the NSFI 2022-2028, an updated framework guiding stakeholders to accelerate financial inclusion in the country. The NSFI 2022-2028 aims to empower more Filipinos to enhance their financial resilience, contributing to inclusive and sustainable development.