The European Chamber of Commerce of the Philippines (ECCP) said it will support the new administration’s initiatives to promote financial inclusion and open finance, citing their crucial role in ensuring economic recovery and growth.
John Januszczak, chair of ECCP’s Special Committee on Open Finance and Financial Inclusion, said in a statement financial inclusion requires deliberate and coordinated action among all the stakeholders.
“The government plays a major role in pushing for this agenda,” Januszczak said.
By reducing transaction costs through consent-driven data portability, interoperability, and collaborative partnerships among financial institutions and third-party providers, open finance seeks to provide customers with a better banking experience.
Under open finance, industry players are able to create customer-centric products and provide better access to critical financial services such as savings, insurance and credit.
This wholly-inclusive ecosystem seeks to close the gap when it comes to access to formal financial institutions.
The Bangko Sentral ng Pilipinas (BSP) targets to bring at least 70 percent of adult Filipinos into the formal financial system by 2023.
“The role of financial inclusion in developing the economy should not beunderestimated. In fact, it should be a priority. After all, including critical segments into the country’s financial systems is crucial to helping the economy recover from the ill-effects of the pandemic,” Januszczak said.
He called on policymakers and even industry players to uphold the BSP’s agenda. – Irma Isip
