With 1.4 billion people still excluded from the formal financial system, leaders of central banks, ministries of finance, as well as financial regulators from all over the world are now gathering in the Philippines to discuss how to make financial products and services safe, accessible, and affordable for all.
About 700 delegates from over 70 countries are attending the 2023 AFI Global Policy Forum. The event is co-hosted by the Alliance for Financial Inclusion (AFI), the world’s leading organization on financial inclusion policy and regulation, and the Bangko Sentral ng Pilipinas (BSP).
Photo shows (from left:) Ariff Ali, Board Chair of the Alliance for Financial Inclusion and Reserve Bank of Fiji Governor; Rex Gatchalian, the Secretary of DSWD; BSP Governor Eli Remolona, Jr.; Governor Zeti Aziz, Founding Chair of the Asia School of Business and former Bank Negara Malaysia; and Alfred Hannig, Executive Director of the Alliance for Financial Inclusion.
“In the fifteen years since AFI was created, with substantive support from the BSP, our members have already brought over 840 million people into the financial system via enlightened national policies and strategies on financial inclusion,” said Dr. Alfred Hannig, AFI Executive Director.
“Yet a quarter of adults remain excluded and vulnerable. By convening the global AFI Network in Manila, we can galvanize efforts to achieve full inclusion that leaves no one behind,” he added.
BSP Governor Eli M. Remolona, Jr., for his part, said, “Given the difficult challenges facing the world today, there is a compelling need for us to continue to share, support, and learn from one another on how we can lift more people out of poverty through financial inclusion.”
“With the continuing support of our colleagues, partners, and stakeholders here and overseas, we at the BSP will continue to help improve the lives of the unserved, underserved, and unreached,” the BSP chief added.
Discussions at the 2023 AFI Global Policy Forum will cover a wide range of critical issues, including the disruptive potential of digital technology, the need for inclusive green finance, the persistent gender gap, the need to support youth entrepreneurs, and the role of financial inclusion in uplifting forcibly displaced people.
The winners of the 2023 AFI Global Financial Inclusion Awards will be revealed tomorrow. Among the recognitions to be conferred is the Financial Inclusion Innovation Award, which honors the memory and legacy of the late BSP Governor Nestor A. Espenilla, Jr., a founding member of AFI and a global champion of innovation and inclusion.
About the Alliance for Financial Inclusion
AFI is the world’s leading organization on financial inclusion policy and regulation. Owned and led by member central banks and financial regulatory institutions, it was founded in 2008 to help policymakers drive financial inclusion. Through AFI’s support, countries worldwide have successfully developed over 900 policy approaches that boost financial inclusion while balancing safety and stability.
About the Bangko Sentral ng Pilipinas
The BSP is the central bank of the Republic of the Philippines. It seeks to promote and maintain price stability, financial stability, and a safe and efficient payments and settlements system conducive to sustainable and inclusive economic growth. The BSP has played a vital role in widening financial access for poor and low-income Filipinos since the early 2000s. Today, the Philippines is recognized as one of the countries with the most conducive policy environment for financial inclusion.