June 26, 2017, 8:20 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07443 UAE Dirham
1 Philippine Peso = 2.4017 Albanian Lek
1 Philippine Peso = 0.03628 Neth Antilles Guilder
1 Philippine Peso = 0.32436 Argentine Peso
1 Philippine Peso = 0.02723 Australian Dollar
1 Philippine Peso = 0.03626 Aruba Florin
1 Philippine Peso = 0.04054 Barbados Dollar
1 Philippine Peso = 1.63579 Bangladesh Taka
1 Philippine Peso = 0.03534 Bulgarian Lev
1 Philippine Peso = 0.00763 Bahraini Dinar
1 Philippine Peso = 34.60377 Burundi Franc
1 Philippine Peso = 0.02027 Bermuda Dollar
1 Philippine Peso = 0.02797 Brunei Dollar
1 Philippine Peso = 0.13904 Bolivian Boliviano
1 Philippine Peso = 0.06579 Brazilian Real
1 Philippine Peso = 0.02027 Bahamian Dollar
1 Philippine Peso = 1.30624 Bhutan Ngultrum
1 Philippine Peso = 0.20692 Botswana Pula
1 Philippine Peso = 405.75598 Belarus Ruble
1 Philippine Peso = 0.04049 Belize Dollar
1 Philippine Peso = 0.02733 Canadian Dollar
1 Philippine Peso = 0.01952 Swiss Franc
1 Philippine Peso = 13.57175 Chilean Peso
1 Philippine Peso = 0.13799 Chinese Yuan
1 Philippine Peso = 58.59343 Colombian Peso
1 Philippine Peso = 11.43535 Costa Rica Colon
1 Philippine Peso = 0.02027 Cuban Peso
1 Philippine Peso = 1.98075 Cape Verde Escudo
1 Philippine Peso = 0.47231 Czech Koruna
1 Philippine Peso = 3.59951 Djibouti Franc
1 Philippine Peso = 0.13357 Danish Krone
1 Philippine Peso = 0.95278 Dominican Peso
1 Philippine Peso = 2.19181 Algerian Dinar
1 Philippine Peso = 0.28109 Estonian Kroon
1 Philippine Peso = 0.36583 Egyptian Pound
1 Philippine Peso = 0.46433 Ethiopian Birr
1 Philippine Peso = 0.01797 Euro
1 Philippine Peso = 0.04244 Fiji Dollar
1 Philippine Peso = 0.01573 Falkland Islands Pound
1 Philippine Peso = 0.01572 British Pound
1 Philippine Peso = 0.08685 Ghanaian Cedi
1 Philippine Peso = 0.91021 Gambian Dalasi
1 Philippine Peso = 182.75233 Guinea Franc
1 Philippine Peso = 0.1491 Guatemala Quetzal
1 Philippine Peso = 4.14512 Guyana Dollar
1 Philippine Peso = 0.15784 Hong Kong Dollar
1 Philippine Peso = 0.47422 Honduras Lempira
1 Philippine Peso = 0.13229 Croatian Kuna
1 Philippine Peso = 1.24625 Haiti Gourde
1 Philippine Peso = 5.54195 Hungarian Forint
1 Philippine Peso = 269.57844 Indonesian Rupiah
1 Philippine Peso = 0.07211 Israeli Shekel
1 Philippine Peso = 1.30521 Indian Rupee
1 Philippine Peso = 23.93595 Iraqi Dinar
1 Philippine Peso = 657.62059 Iran Rial
1 Philippine Peso = 1.9771 Iceland Krona
1 Philippine Peso = 2.6139 Jamaican Dollar
1 Philippine Peso = 0.01433 Jordanian Dinar
1 Philippine Peso = 2.23666 Japanese Yen
1 Philippine Peso = 2.0906 Kenyan Shilling
1 Philippine Peso = 1.38113 Kyrgyzstan Som
1 Philippine Peso = 81.57681 Cambodia Riel
1 Philippine Peso = 9.12404 Comoros Franc
1 Philippine Peso = 18.24078 North Korean Won
1 Philippine Peso = 22.6366 Korean Won
1 Philippine Peso = 0.00614 Kuwaiti Dinar
1 Philippine Peso = 0.01662 Cayman Islands Dollar
1 Philippine Peso = 6.364 Kazakhstan Tenge
1 Philippine Peso = 166.08836 Lao Kip
1 Philippine Peso = 30.51277 Lebanese Pound
1 Philippine Peso = 3.08877 Sri Lanka Rupee
1 Philippine Peso = 1.84435 Liberian Dollar
1 Philippine Peso = 0.25922 Lesotho Loti
1 Philippine Peso = 0.06179 Lithuanian Lita
1 Philippine Peso = 0.01258 Latvian Lat
1 Philippine Peso = 0.02821 Libyan Dinar
1 Philippine Peso = 0.19642 Moroccan Dirham
1 Philippine Peso = 0.36735 Moldovan Leu
1 Philippine Peso = 1.09972 Macedonian Denar
1 Philippine Peso = 27.52331 Myanmar Kyat
1 Philippine Peso = 48.27726 Mongolian Tugrik
1 Philippine Peso = 0.16258 Macau Pataca
1 Philippine Peso = 7.25578 Mauritania Ougulya
1 Philippine Peso = 0.70024 Mauritius Rupee
1 Philippine Peso = 0.31394 Maldives Rufiyaa
1 Philippine Peso = 14.54094 Malawi Kwacha
1 Philippine Peso = 0.37863 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.2604 Namibian Dollar
1 Philippine Peso = 6.52615 Nigerian Naira
1 Philippine Peso = 0.59972 Nicaragua Cordoba
1 Philippine Peso = 0.17055 Norwegian Krone
1 Philippine Peso = 2.08654 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00779 Omani Rial
1 Philippine Peso = 0.02027 Panama Balboa
1 Philippine Peso = 0.06622 Peruvian Nuevo Sol
1 Philippine Peso = 0.06654 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11897 Pakistani Rupee
1 Philippine Peso = 0.0753 Polish Zloty
1 Philippine Peso = 112.82935 Paraguayan Guarani
1 Philippine Peso = 0.0738 Qatar Rial
1 Philippine Peso = 0.08196 Romanian New Leu
1 Philippine Peso = 1.14766 Russian Rouble
1 Philippine Peso = 16.61897 Rwanda Franc
1 Philippine Peso = 0.076 Saudi Arabian Riyal
1 Philippine Peso = 0.16004 Solomon Islands Dollar
1 Philippine Peso = 0.26836 Seychelles Rupee
1 Philippine Peso = 0.13498 Sudanese Pound
1 Philippine Peso = 0.17451 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.01573 St Helena Pound
1 Philippine Peso = 0.45006 Slovak Koruna
1 Philippine Peso = 152.00649 Sierra Leone Leone
1 Philippine Peso = 11.08634 Somali Shilling
1 Philippine Peso = 435.85326 Sao Tome Dobra
1 Philippine Peso = 0.17678 El Salvador Colon
1 Philippine Peso = 10.43737 Syrian Pound
1 Philippine Peso = 0.26014 Swaziland Lilageni
1 Philippine Peso = 0.6897 Thai Baht
1 Philippine Peso = 0.04917 Tunisian Dinar
1 Philippine Peso = 0.04647 Tongan paʻanga
1 Philippine Peso = 0.0711 Turkish Lira
1 Philippine Peso = 0.13537 Trinidad Tobago Dollar
1 Philippine Peso = 0.61011 Taiwan Dollar
1 Philippine Peso = 45.17633 Tanzanian Shilling
1 Philippine Peso = 0.53223 Ukraine Hryvnia
1 Philippine Peso = 72.78071 Ugandan Shilling
1 Philippine Peso = 0.02027 United States Dollar
1 Philippine Peso = 0.57377 Uruguayan New Peso
1 Philippine Peso = 77.82732 Uzbekistan Sum
1 Philippine Peso = 0.20216 Venezuelan Bolivar
1 Philippine Peso = 459.54601 Vietnam Dong
1 Philippine Peso = 2.18241 Vanuatu Vatu
1 Philippine Peso = 0.05201 Samoa Tala
1 Philippine Peso = 11.77483 CFA Franc (BEAC)
1 Philippine Peso = 0.05472 East Caribbean Dollar
1 Philippine Peso = 11.82205 CFA Franc (BCEAO)
1 Philippine Peso = 2.13174 Pacific Franc
1 Philippine Peso = 5.06546 Yemen Riyal
1 Philippine Peso = 0.25921 South African Rand
1 Philippine Peso = 105.17835 Zambian Kwacha
1 Philippine Peso = 7.33482 Zimbabwe dollar

Micro-banking offices, micro-deposits drive gains in financial inclusion, BSP says

In its latest report on the state of financial inclusion in the Philippines, the Bangko Sentral ng Pilipinas provided an assessment of how access to and usage of financial services has changed in the past five years (2011-2015). 

According to the report, financial access has expanded in terms of number and reach of banks and other financial institutions. There is also improvement in usage of financial services as seen in the growth of deposits, loans, microfinance, and electronic money.

For access, worth highlighting is the growth in micro-banking offices (MBOs) which are low-cost banking infrastructure that can be established in municipalities where it is not feasible to set up a regular branch. 

While regular branches continue to increase in number, they remain concentrated in the National Capital Region. 

MBOs have been more contributory to financial inclusion by extending the reach of financial services to underserved and unserved areas. 

Majority of MBOs are located in areas outside Metro Manila particularly in the regions of CALABARZON, Bicol, Western Visayas, and MIMAROPA. 

Most municipalities that were previously unbanked are now enjoying access to banking services because of MBOs.

There are 617 MBOs based on the latest available count as of June 2016, an increase of 93 percent from 320 MBOs during the same period in 2012.  

The number of local government units (LGUs) with MBOs grew by 105 percent to 393 LGUs in June 2016 from 192 LGUs in June 2012. 

To date, 75 municipalities are being served by MBOs alone. MBOs increased at an average year-over-year rate of 18 percent which is faster than the growth of other types of banking offices (4 percent) and ATMs (13 percent).

When it comes to usage of basic savings accounts, there has been a remarkable growth in micro-deposits which are specifically designed to the low-income sector. 

A micro-deposit account has a maintaining balance not more than P100 with average daily balance not exceeding P40,000. This deposit account does not have dormancy charges.

The number of micro-deposit accounts grew by 217 percent to 2.9 million accounts in June 2016 from 925,389 accounts in June 2012. 

The total amount of micro-deposits increased by 181 percent to P6.3 billion in June 2016 from P2.2 billion in June 2012. 

Micro-deposit accounts grew at an average rate of 34 percent which is faster than the growth of other deposit products which grew by 6 percent.

While the environment for financial inclusion continues to improve, changes appeared to be gradual and slower in comparison with our peers. 

For instance, data from the World Bank indicate that the share of Filipino adults with a formal account increased by 4.7 percentage points to 31.3 percent in 2014 from 26.6 percent in 2011 which appears modest compared to the improvement among lower middle income countries which is 14 percentage points.

Recognizing that much work needs to be done, BSP remains committed in nurturing a conducive environment to financial inclusion. 

At the national level, BSP is leading the implementation of the National Strategy for Financial Inclusion (NSFI) together with fourteen (14) other government agencies. In June 2016, Executive Order No. 208 was signed to institutionalize the Financial Inclusion Steering Committee (FISC), the governing body that provides strategic direction and overall guidance in the NSFI implementation. 

The NSFI aims to systematically accelerate the level of financial inclusion in the country through greater collaboration between public and private sector stakeholders.

BSP also plans to establish the Knowledge Resource Network (KRN), an initiative at information and knowledge sharing that aims to enhance the public’s understanding of economic and financial concepts and issues, one of the bank’s key objectives.  

Conceived to be in partnership with libraries of the local government units, national agencies and academic institutions all over the country, BSP will set up Knowledge Resource Collections that will house updated BSP publications such as books, reports, guides, manuals, primers and brochures, provide access to online publications and research assistance services to the public.  

These information resources and services will be made available to the communities for free.

BSP envisions KRN to be a catalyst for economic development by empowering the public to make informed and better economic and financial decision through easy access to information and services. 

The program involves setting up of a BSP Resource Collection in each partner library where BSP publications shall be displayed; training of partner librarians to maximize BSP information resources; and active participation of both BSP and partner libraries in information resource sharing.  

Specifically, the BSP will provide free updated BSP publications, signage and BSP logo for the BSP Resource Collections; conduct free training/briefing sessions on online publications and research/statistical databases available on the BSP’s website; provide reference and research service assistance to partner libraries on subjects related to economics and finance; and review and evaluate effectiveness of the program.  

In turn, the partner libraries will be expected to provide the physical space, shelves, and computers needed for BSP publications; ensure discoverability by cataloging all BSP publications and make them available for library clients; coordinate with the BSP, through the EFLC Main Office or EFLCs in regional offices and branches (ROBs), regarding client requests for economic and financial information materials; monitor the use of BSP materials and ensure prompt action on research requests; and submit quarterly reports to the BSP.

The KRN is expected to be launched nationwide in February 2017.  
Rating: 
No votes yet