GCash, the Philippines’ leading finance super app and largest cashless ecosystem, recently hosted its first Inclusion in Action Summit, featuring the company’s key stakeholders, which include key government agencies such as the Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), and National Economic and Development Authority (NEDA), as well as multilateral organizations such as the Asian Development Bank (ADB) and the United Nations Capital Development Fund (UNCDF).

The Inclusion in Action Summit served as a platform for GCash to collaborate with its key stakeholders and reinforce its commitment toward obtaining Finance for All, a collective vision and shared journey of building an inclusive Philippines, wherein every Filipino has access to tools and services that will enable them to unlock opportunities and achieve financial goals.

“GCash is committed to helping Filipinos thrive every day, be ready for a rainy day, and be prepared for one day,” stated GCash president and CEO Martha Sazon.

“The Inclusion in Action Summit allows us to have a deeper understanding of the nuances that underserved Filipinos face, so that we are able to harness inclusive finance for economic development and the success of every Filipino.”

The Inclusion in Action Summit builds on the strides that GCash has made in the last few years to move the needle on financial inclusion, a priority area in the company’s sustainability journey, and empower every Filipino to have access to financial services through the GCash app.

“Financial inclusion and digitalization are mutually reinforcing goals,” stated deputy governor Bernadette Romulo-Puyat of the BSP, who also shared that nearly 53 percent of the total volume of retail payments are now done digitally and that 120 local governments have adopted the BSP’s Paleng-QR Ph Plus program, which promotes the widespread acceptance of digital payments among market vendors, community shopkeepers, and tricycle operators and drivers. GCash is a major partner of the Paleng-QR Ph Plus program.

“As more people embrace digitalization, we also expect Filipinos with a transaction account to increase. Based on the preliminary household data of the second quarter of 2024, the percentage of households with transaction accounts rose to 76 percent from 69 percent,” she added.

Mynard Bryan Mojica, acting director of the BSP’s Financial Inclusion Office, further underscored the role that digitalization plays in financial inclusion, pointing out that initiatives like the Paleng-QR Ph Plus and the Basic Deposit Account, would not be made possible without digital enablers that include digital IDs, digital skills, digital finance regulatory frameworks, and digital connectivity that underpins all these.

Puyat further explained that every 1 percent increase in digital payments is associated with 0.1 percent GDP increase and 0.06 percent reduction in informal employment over two years.

Financial institutions and key players in the industry such as GCash have an important role to play in promoting financial health.

“Financial health can be promoted by developing products and services that allow consumers to spend wisely, build savings, borrow responsibly, and plan for the future,” Mojica explained.

The focus to promote financial health for every Filipino is a crucial initiative in view of sustaining the country’s economic growth momentum, which is underpinned by strong domestic demand. According to the Department of Finance, the digital economy is a driving force to the country’s growth, with an 8.4 percent share of the GDP—further underscoring the role of digital tools and channels in attaining financial health.

More importantly, promoting financial inclusion as a means to attain financial health aligns with AmBisyonNatin 2040, the Philippine government’s long-term vision for the country, which also serves as anchor for development planning across various administrations.

“We know that all Filipinos want to enjoy strong family and community ties, a comfortable lifestyle, and a secure future. GCash has made strides in ensuring that most Filipinos have access to finance, and we are cognizant that our mission does not stop there. We envision a nation where all Filipinos can thrive every day, be ready for a rainy day, and have the capacity to prepare for one day—this is our north star in ensuring greater access and more responsive and innovative financial services for Filipinos. We remain committed to ensuring that financial inclusion opens opportunities for every Filipino to address their needs and goals,” Sazon stated.

The four-day Inclusion in Action Summit featured GCash’s partners from the government, multilateral organizations, and the industry, including the BangkoSentralngPilipinas (BSP), Department of Finance (DOF), National Economic and Development Authority (NEDA), Department of Trade and Industry’s Small Business Corporation (DTI SBCorp), Asian Development Bank (ADB), GoodThinking Research, and United Nations Capital Development Fund (UNCDF). The summit also explored what it means to have an inclusive workplace and workforce, featuring partners from the Philippine Business Coalition for Women Empowerment, Philippine Financial Inter-Industry Pride, and National Council on Disability Affairs, and was attended by GCash’s employees, affiliates, and suppliers.