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8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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Remittances and FinancialInclusion: A Policy and
Regulatory ApproachPia Bernadette Roman Tayag
Head, Inclusive Finance Advocacy StafBangko Sentral ng Pilipinas
ADB orks!op on Promoting Remittances"or Development Finance
#$ %arc! &'#(%andaluyong )ity
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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*olume o" Remittances
US$ Billion
• Remittances c!anneled t!roug! t!e +anking system in &'#reac!ed -S.&/0 +illion, or $/(1 o" 2DP
• Remittances continue to +e a ma3or stimulant o" domestic
Source4 BSP
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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Total cas! remittance o" 5F during t!e past 6mont!s +y mode o" remittance
Source4 PSA, Survey on 5verseas Filipinos &'#0A rider 7uestionnaire to 5cto+er 8a+or Force Survey every year/ Pro+a+ility sample o" #,''' !ouse!olds/ Time
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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Remittances: A Doorway to Inclusion?
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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Remittances and Savings
OFs
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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Remittances and Savings
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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!et!er or not 5Fs !ave savings"rom cas! remittance sent
N = OFs who remit cash
1 o" cas! remittance set aside "orsavings
N = OFs who have savings from cash remittance sent
Source4 PSA, Survey on 5verseas Filipinos &'#0A rider 7uestionnaire to 5cto+er 8a+or Force Survey every year/ Pro+a+ility sample o" #,''' !ouse!olds/ Timere"erence is past si9 mont!s
Remittances and Savings: Opportunitiesand Challenges
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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Remittances and Savings: Opportunitiesand Challenges
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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hat is !nancial inclusion?
• A state :!erein t!ere is e"ective access to a wide
range o# !nancial services "or all Filipinos
-nserved and -nderserved
;%S%
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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Financial Inclusion $oward Inclusive%rowth
House!old 8evel
;Allo:s HH tosei>eopportunitiesand manages!ocks;Increase inoutput and
productivity
;A+le to mo+ili>e
+road +asedsavings andinvest in gro:t!o" productivesector;Deep and
diversi=ed=nancial systemcontri+utes to=nancial sta+ility
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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Access and Products:Policy and Regulatory
Approach
Policyand
Regulation
Financial&ducation and
ConsumerProtection
Advocacy
&nhanced Internal Capacity and Comprehensive DataFramewor'
Initiatives #or FinancialInclusion
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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idened range o# products
%icrodeposit%icroenterprise loan
%icro=nance plus%icro?agri loan
Housing micro=nance%icroinsurance
&(panded virtual reach
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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Housing Microfinance
P!p 0 %
Micro-Agri Loan
P!p &' %
Microenterprise Loan
P!p /$ B
Microfinance Plus
P!p %
# +anks :it! micro=nance operations currentlyserving #/& million clients :it! outstanding
port"olio o" P!P / +illion/
*As of end-Sept 201
161 banks 2 banks 2! banks 1" banks
Products - hat can *e accessed *y OFsand *ene!ciaries
MicroinsuranceMicrodeposit
P!p 0/$ B#/ millionaccounts
"2 banks # banks
& millioncovered
individuals
P d t h t * d * OF d
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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* Highest microinsruance coverage among nine Asian countries, Munich Re Foundation
Products - hat can *e accessed *y OFs and*ene!ciaries
Access 4icro 5an'ing O6ces 745Os8
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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./0 %B5s operating in 12. municipalities
32 municipalities are served +y %B5salone
Allo:ed to purc!ase "oreign currency upto t!e ma9imum e7uivalent o" -SD0''per client per day "or credit to micro?
deposit accounts
Access - 4icro 5an'ing O6ces 745Os85ringing Service Points Closer to OFs and5ene!ciaries
Access &lectronic 4oney &cosystems
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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Access - &lectronic 4oney &cosystems5ringing Service Points Closer to OFs and5ene!ciaries
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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P!ilippines
#,60 municipalities& million Filipinos
it! ,0( +anking o@ces,
01 o" t!e cities andmunicipalitiesC#(1 o" t!e population
are un+anked
it! t!e addition o" over
',''' access pointsCofsite AT%s, EBFIs, creditcooperatives, pa:ns!ops, money
c!angers, remittance agents, e?moneyagents
only #01 o" t!e cities andmunicipalities
C1 o" t!e populationremain unserved
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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9ational Strategy #or Financial Inclusion
*oor)ination
+r,st b,il)ing
-aising awareness
an) ,n)erstan)ing
To:ard a common visionand clearly de=ned
inclusive !nancialsystem
$he overall vision is a %nancialsystem that is accessible andresponsive to the needs of the
entire population toward a broadbased and inclusive growth& 'n particular, to ensure that this
%nancial system also serves thetraditionally unserved or
marginalied sectors of the
population& $his vision should beguided by a focus on the client&
8/9/2019 Remittances and Financial Inclusion: A Policy and Regulatory Approach
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www*spgovph
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